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Ministry of Commerce: Off-plan sales total 320 million riyals over three months

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The Ministry of Commerce and Industry confirmed that the number of projects under its supervision exceeds 18,000 real estate units across various regions of the Kingdom, with an estimated value of more than 20 billion riyals. These projects range from villas and apartments, office units, commercial units, and land developments. In a statement, the Ministry noted that it continues its supervisory duties in monitoring these projects and has conducted approximately 60 inspection tours to monitor project progress and oversee their implementation across various regions of the Kingdom.

In addition, the Ministry announced that the total value of projects under the off-plan sales program reached 320.8 million riyals during the second quarter of 2015. The Ministry also took action on more than five complaints received by the program regarding real estate development companies engaging in off-plan sales without a license and other real estate companies that violated the regulations governing the marketing of real estate outside the Kingdom; these cases were investigated, and the necessary measures were taken.