The Ministry of Commerce and Industry (MCI) has detected five complaints of violations in the marketing of off-plan foreign real estate in the Saudi market. The violations include marketing lands as residential, which are in fact agricultural, in addition to advertising the possibility of ownership, while the properties are on long-term lease, in addition to advertising completed properties although they are under construction, as well as receiving money as a deposit, as well as signing sales contracts that violate the system.".
Turki Al-Tuaimi, advisor to the minister, stressed in press statements that the ministry strictly prohibits paying a deposit, buying or concluding any contracts inside Saudi Arabia, as the license is for display only, pointing out that according to the decisions of the Council of Ministers and the regulation, violators are referred to the Investigation and Public Prosecution Authority, in addition to referring those convicted in the investigation to the Criminal Court to apply regular penalties against them
Referred to the Criminal Court. <He added that the most prominent violations previously detected in off-plan sales projects were advertising without the approval of the Ministry of Commerce and Industry, indicating that some advertisers claim that the property is complete, when in fact it is under construction. Regarding the segment benefiting from the new controls, he said that they are Saudi and Gulf companies to display properties under construction in the GCC countries or any other countries, according to the requirements of the National Exhibitions Program.
.He explained that the Ministry of Commerce and Industry stressed that no advertisement for any under-construction property should be published unless a license is obtained from the off-plan sales program and the license number is mentioned in the advertisement.
The Ministry of Commerce, represented by the Off-Map Sales Program, has adopted new controls for real estate companies wishing to display foreign properties to be sold on the map, in exhibitions held inside Saudi Arabia
The controls stipulated the need to submit an application for a license and fill out the form prepared for that, attached with a copy of the exhibition rental contract, a copy of the property documents to be displayed inside the Kingdom certified by the competent authorities in the country of the property, in addition to a copy of the map sale license issued for the project from the country of the property certified by the competent authorities in the country of the property, and an official document from the competent authorities authorizing the ownership of the property for Saudis and certified by the competent authorities in the country of the property.
