The official spokesperson for the General Authority for Real Estate , Taysir Al-Mufarraj, explained the benefits of the off-plan real estate project sales and leasing system , which are evident in several aspects of the real estate sector, most notably its growth and the increase of its projects of various sizes, the opening of job opportunities, in addition to increasing the sector’s contribution to the non-oil GDP.
Al-Mufarraj told Al-Ekhbariya channel that the system contributes to increasing the supply of real estate products, especially in the residential sector. In addition to the system, the executive regulations contribute to the existence of financing channels for developers, which enhances investor confidence in the real estate sector in the Kingdom and creates promising investment opportunities, especially for small and medium enterprises in the real estate development market, and sustains the activity and opens up employment opportunities in the sector.
He added that real estate developers can obtain the necessary licenses for their projects, whether for marketing or selling, through the official portal of the General Authority for Real Estate, indicating that new developers can request qualification to this system through a number of necessary requirements in order to become officially qualified.
A spokesperson for the Real Estate Authority confirmed that real estate legislation in general helps to regulate the market and govern transactions in the real estate sector, especially preserving and protecting the rights of those dealing in the sector.
He explained that the system aims to regulate the activity of selling and leasing off-plan projects, as it contributes to raising the level of transparency and reform in this activity, and also legislates all procedures regarding the issuance of licenses according to specific stages.
The General Authority for Real Estate had previously announced the issuance of the executive regulations for the system of selling and leasing off-plan real estate projects , and the commencement of receiving applications for licensing off-plan projects through the Authority’s electronic platform, in accordance with the system of selling and leasing off-plan real estate projects issued by the Cabinet’s decision and its approved executive regulations.
Video | "Real Estate Authority": Applications for off-plan project licenses are now being accepted
Real Estate Authority spokesperson Tayseer Al-Mufarraj: This system contributes to raising the level of transparency and disclosure, protects the rights of all parties, ensures the sustainability of real estate development activity, and opens up significant job opportunities . #RealEstateExchange #News pic.twitter.com/1OoVLXuaO2
— Al-Ekhbariya – Economy (@alekhbariyaECO) May 7, 2024
