The Real Estate Contributions Law, which was approved by the Council of Ministers on Tuesday, requires obtaining a license from the General Authority for Real Estate and the approval of the Capital Market Authority before offering a real estate contribution.

According to the law, the General Authority for Real Estate will be in charge of regulating the real estate contribution activity. According to the law, the General Authority for Real Estate will regulate the real estate contribution activity, 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 activity practitioners.

According to the law, the General Authority for Real Estate is responsible for regulating the real estate contribution activity, through which it will issue licenses and classify real estate contributions according to size, type or location.

Having a title deed

The new system also stipulates that the real estate subject of the real estate contribution must be owned under a valid title deed, proven to be valid, 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 system also requires the approval of any real estate contribution.

Enabling the real estate sector

The <a style="color: #800000;" href="https://tasfiah.gov. 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.

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Developing the legislative and regulatory environment

For his part, Majid Al-Hogail, Minister of Municipal, Rural Affairs and Housing and Chairman of the Board of Directors of the General Authority for Real Estate, explained that the Real Estate Contributions System, which was approved by the Cabinet yesterday, comes as an extension of the real estate legislation system 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 aims to develop the legislative and regulatory environment for the real estate sector and keep pace with the economic and investment movement in the Kingdom.

Hogail said that the system aims to develop the legislative and regulatory environment for the real estate sector. <The system aims to regulate the activity of <a style="color: #800000;" href="https://amlak.net., raising the level of transparency and disclosure, protecting the rights of all parties to the real estate contribution, 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 contributing - God willing - to increase 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.

Real estate contributions.

Reducing the default of real estate contributions

<For his part, Dr. Badr Al-Shuwaier explained in his Twitter account that one of the main objectives of the real estate contributions system is to increase transparency, reduce the failure of real estate contributions, and create large and distinctive investment opportunities. He said that offering a real estate contribution requires a license from the Authority and the approval of the Capital Market Authority to offer the contribution, and that the land must be owned by a valid legal deed based on the statement of the issuing authority.

Meanwhile, Taysir Al-Mafraj, spokesman for the General Authority for Real Estate, told Al-Ekhbariya that the system provides another investment channel other than investment funds that used to regulate this investment under the management of the Capital Market Authority, adding that the system will enhance governance and transparency in the real estate market.

Real Estate Contributions System