The General Real Estate Authority revealed that the application of the real estate registration system will start in Riyadh, within the gradual application of the system among the targeted cities during the first phase.
Tariq Al Hafezi, Deputy CEO of the Authority, said that a number of mechanisms and factors have been developed to identify the target cities, including the availability of existing data, such as plans, ownership and spatial data of the property.
The establishment of the real estate registry for all real estate in the Kingdom and the entry of any property into the in-kind registration system will be free of charge.
It is known that the Council of Ministers issued a decision last April of this year approving the in-kind registration system.
The issuance of the system comes as an extension of the attention and support enjoyed by the real estate sector in the Kingdom with the aim of increasing the reliability of ownership, enhancing the accuracy of information about the property, and preserving the rights of dealers in the sector to achieve the objectives of the Kingdom's Vision 2030 programs in digital transformation, real estate wealth development, and enhancing the investment attractiveness of the real estate sector.
<The role of the system is to unify the supervision of in-kind registration in one entity with ease and ease, in accordance with the best international practices followed, ensuring the accuracy of information and data of all types of real estate, and building a comprehensive real estate record for all subsequent transactions after in-kind registration in the unified real estate registry.The in-kind real estate registration system includes a real estate register that ensures that new owners of the property are informed of all changes to the description of the property, such as construction, additions or modifications, and the in-kind registration acquires absolute validity one year after the date of publication of the owners' lists, in addition to establishing a register linked to the records of properties described on the map.
Registration in kind is the most important aspect of the real estate registration system.
