His Highness Prince Badr bin Mohammed bin Jalawi Al Saud, Governor of Al-Ahsa, honored last Tuesday evening at the InterContinental Al-Ahsa Hotel “Real Estate Systems Forum” organized by the Al-Ahsa Chamber represented by the Real Estate Committee and lawyers, which discussed the challenges imposed by the development of the real estate market in the Kingdom and the expected movement in it after the adoption of real estate regulations from providing qualified national cadres to work in this sector and attention to training and qualification in all related professions.
Independent Higher Authority for Real Estate
The forum opened with a blessed recitation of the Holy Quran, then the Chairman of the Board of Directors of the Chamber of Commerce and Industry in Al-Ahsa Saleh Al-Afaleq delivered a speech in which he welcomed His Highness Prince Badr bin Mohammed bin Jalawi Al Saud and indicated the Chamber's intention to organize the forum on an annual basis,
Al-Afaleq revealed the most important demand for the establishment of an independent supreme body for real estate to be a stable reference for the work of the sector, working to develop and follow up the work systems of the sector in line with the needs of the real estate market.
The size of the real estate market is 3.1 trillion riyals
Then Engineer Khaled bin Saud Al-Saleh, Vice President of Al-Ahsa Chamber and Chairman of the Real Estate Committee, delivered a speech in which he emphasized the strength of the real estate market because it represents a strong destination for investors, as the total size of the real estate market in the Kingdom exceeded about 1.3 trillion riyals during the current time, thus considered the largest real estate market in the Middle East region, and is expected to reach 1.5 trillion riyals during the next few years. Especially with strong demand from both consumers and investors.
Real estate investments "046" billion dollars
Al-Saleh said that the investment and real estate portfolios in the Kingdom are estimated at about 50 billion riyals, and it is expected, God willing, that the real estate market will witness an unprecedented movement in terms of the volume of investments, as it is estimated that the Kingdom needs 640 billion dollars in real estate investments.
Real estate investments "046" billion dollars.
More than 25 regulations to regulate the real estate market
More than 25 regulations to regulate the real estate market
<In his speech, the Chairman of the Chamber's Lawyers Committee, Dr. Yousef bin Abdullatif Al-Jabr, stressed that the state is interested in regulations and laws, including the subject of real estate, pointing to a package of real estate regulations that participated in the preparation of various ministries and took its influential position in organizing life affairs in the Kingdom. Al-Jabr pointed out that there are more than 25 regulations that reflect the government's interest in organizing the real estate market.Obstacles to real estate documentation
<The real estate documentation development session, chaired by Dr. Khalid Al-Hussein, Dean of the Faculty of Law at King Faisal University in Al-Ahsa, where Dr. Ahmed bin Abdulaziz Al-Omaira, a judge at the Supreme Court, listed the obstacles facing real estate documentation, which are represented in the confusion in title deeds and the history of neighborhoods and large lands and must issue principles from the Supreme Court in this regard, and solve the delay in issuing title deeds due to the large number of cases and delayed procedures, and therefore the courts must be linked electronically to government agencies that must write to and allocate special departments for title deeds and properties of minors and endowments, and indicate provisions and procedures for the real estate market.Activating the mortgage system
Dr. Omar Al-Khouli, professor of law at the Faculty of Law at King Abdulaziz University, referred to the issuance of the "Mortgage System" by a decision of the Council of Ministers. It aims to regulate the nature of the contractual relationship between financing entities and those wishing to obtain financial financing from these entities so that the level of credit is raised by providing appropriate security in exchange for obtaining financing.
Dr. Omar Al-Khouli, professor of law at the Faculty of Law at King Abdulaziz University.
At the conclusion of this forum, Al-Ahsa Chamber, represented by the Real Estate Committee and the Lawyers Committee, extended its thanks and appreciation to His Highness Prince Badr bin Jalawi, Governor of Al-Ahsa, for his generous patronage of this forum and his unlimited support, and to Their Excellencies, Virtue and Excellency and all participants from speakers, session managers and all guests participating in attending this forum.
Recommendations
Recommendations and visualizations of the forum
First: The importance of activating the implementation of the mortgage system and drafting its executive regulations.
Secondly: Simplify the procedures for transferring ownership of real estate by developing regulations that regulate the proof of ownership and transfer of ownership in order to achieve accuracy and speed of implementation.
Third: The importance of implementing the mortgage system and drafting its executive regulations.
Third: Work to develop a mechanism to ensure the speedy resolution of real estate disputes, including the development of a procedural system for the real estate courts whose establishment has been approved.
Fourth.
Fourth: </Coordination between the Ministries of Justice and Municipal and Rural Affairs in all matters related to real estate.
Fifth: </Accelerate the activation and implementation of the real estate registration system and recommend to the Supreme Court to determine the judicial principles related to real estate.
V.
Sixth: The importance of spreading awareness in real estate transactions and documenting them, and highlighting the role of arbitration in shortening time and procedures, especially with regard to real estate contributions and inheritances.
VII.
VII: Finding an appropriate formula for coordination between the Saudi Arabian Monetary Agency and the Ministry of Justice to work on standardizing financing and real estate registration models.
VIII.
Eighth: Addressing the Ministry of Municipal and Rural Affairs represented by Al-Ahsa Municipality to prepare a guiding real estate atlas for Al-Ahsa.
