The Public Authority for Real Estate. <The Real Estate Authority explained that The draft executive regulations of the system of selling and leasing real estate projects on the map includes 40 articles, the controls of the escrow account includes 8 articles and the controls of qualifying practitioners of the activity ”includes 6 articles aimed at organizing the activity of selling and leasing on the map, raising the level of transparency and disclosure to ensure the protection of the rights of all parties to the contractual relationship It also aims through its application to govern the control and compliance work and automate all procedures for issuing licenses and the stages of their establishment until their completion, as an extension of the system of real estate legislation supervised by the Authority and within the framework of the objectives of the comprehensive strategy for the real estate sector.
The Authority stressed its keenness that the system and the ”Executive Regulations of the System for the Sale and Leasing of Real Estate Projects on the Map, the controls of the escrow account and the controls of qualifying practitioners of the activity will contribute to reducing violations in the real estate development sector in the off-plan sale and leasing system, increasing the supply of commercial, residential, industrial, tourism and other real estate products, and will have a role in increasing financing channels for real estate developers and investment channels for those wishing to invest, and will contribute to enhancing investor confidence in the real estate sector in the Kingdom through its rules and provisions that protect the rights of all parties.
