The Ministry of Commerce and Industry is participating with a booth at the Riyadh Real Estate, Housing, and Urban Development Exhibition (Ristatex), where it will showcase more than 17,000 real estate units to the public and visitors as part of its off-plan sales program, valued at over 20 billion riyals.
The exhibition kicks off next Sunday and will run for four days. The exhibition will be accompanied by working sessions in which a number of investors and experts will discuss real estate investment topics, with the participation of the Kingdom’s leading real estate development companies, specialized real estate finance companies, and banks. Through its participation in “Restatex,” the Ministry aims to raise awareness of the program, which regulates off-plan sales to foster trust and security among transaction parties, protect buyers’ rights, and encourage new investors to enter the market. It will also enable visitors to learn about the procedures required for off-plan sales licenses for undeveloped land and permits for marketing real estate abroad. It is worth noting that the off-plan sales program is one of the ways to acquire real estate that allows buyers to purchase property at a lower cost; furthermore, the program enables real estate developers to obtain direct financing through down payments made by buyers. Through the off-plan sales program, the Ministry of Commerce and Industry is working to review and develop all procedures and regulations related to off-plan sales projects, in accordance with its authority and in cooperation with relevant authorities.
