His Excellency the Minister of Municipal, Rural Affairs and Housing and Chairman of the Board of Directors of the General Real Estate Authority, Mr. Majid bin Abdullah Al-Hogail, thanked the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and His Royal Highness the Crown Prince - may God protect them - for the Cabinet's approval of Real Estate Contributions System.
Real Estate Contributions System.
. He stressed that the system comes as an extension of the system of real estate legislation supervised by the General Authority for Real Estate and contributes effectively to achieving the objectives of Saudi Vision 2030 and the initiatives and programs emanating from it, which aim to develop the legislative and regulatory environment for the real estate sector and keep pace with the economic and investment movement in the Kingdom.
His Excellency stressed that the system comes as an extension of the system of real estate legislation supervised by the General Authority for Real Estate. <The system aims to regulate the activity of real estate contributions, raise the level of transparency and disclosure, and protect the rights of all parties<a style="color: #993300;" href="https://amlak.net., opening new financing channels for investors in the field of real estate development, enhancing confidence in the sector by regulating the procedures for offering, managing and liquidating real estate contributions, and - God willing - contributing to increasing the supply of developed real estate products to serve the real estate market and keep pace with the increase in demand, especially in the residential sector.
Development of the real estate sector
<a style="color: #993300;" href="https://amlak.net. The Real Estate Contributions System is one of the most prominent possibilities for developing the real estate sector, its governance, digitizing its operations, and serving beneficiaries, in line with the comprehensive strategy for the real estate sector, its initiatives and priorities; to make the real estate sector in the Kingdom vital and attractive, and make it a competitive and attractive environment for investment; so that the sector contributes to raising GDP and diversifying sources of income.
Real Estate Contributions System
Requirements of the Real Estate Contributions System
According to the system, the General Authority for Real Estate will regulate the activity of real estate contributions, through which it will issue licenses, classify real estate contributions according to size, type or location, set appropriate conditions, requirements and time periods for the real estate contribution according to its classification, set conditions for qualifying and classifying real estate developers for the purpose of offering real estate contributions and conditions for qualifying and classifying real estate contribution practitioners.According to the system, the General Authority for Real Estate is in charge of regulating the activity of real estate contributions. The new law also stipulates that the real estate subject of the real estate contribution must be owned under a valid title deed, which is proven to be safe, based on a statement from the issuing authority, and that the real estate subject of the real estate contribution must have the necessary approvals for its development from the competent authorities as specified in the executive regulations of the system, which will be issued by the General Real Estate Authority in the coming period.
The new law also requires the approval of any real estate contribution.
