The CEO of The General Authority for Real Estate, Engineer Abdullah bin Saud Al-Hammad, highlighted the huge developmental transformations witnessed by the real estate system in the Kingdom, which was the result of the unlimited support of the wise leadership - may God protect them - which enabled the real estate sector and made it a global model to be emulated.
In his speech during the opening of the “Qassim Real Estate Forum”, he praised the efforts and follow-up of His Royal Highness Prince Dr. Faisal bin Meshal, Emir of Qassim, in supporting real estate development, the Authority's programs and the implementation of the real estate registry in the region, stressing that real estate in Saudi Arabia is taking confident steps amid dynamic and flexible regulatory legislation through 18 legislations so far, including real estate systems, executive regulations, regulations and organizational rules.
He pointed out that the Real Estate Regulations and Regulations are the result of the support of the wise leadership - may God preserve it - which enabled the real estate sector and made it a global model to be followed. He explained that the Real Estate Registration system has resulted in the correction of more than one million and three hundred thousand real estate maps that contribute to accelerating the real estate registration process, facilitating real estate transactions, and supporting urban planning and sustainable development.
He pointed out that the real estate registration system has made confident strides in the midst of vibrant and flexible regulatory legislation through 18 legislations so far, including real estate systems, executive regulations, bylaws and regulations. The CEO of the General Real Estate Authority pointed out that the in-kind registration of real estate comes in accordance with the best international practices followed, to ensure the accuracy of information and data of all types of real estate, and to build a comprehensive real estate record that contains ownership data, geospatial information and others, and that since the announcement of the start of in-kind registration work on May 7, 2023 until today, the real estate registration work in Riyadh has included more than 70 neighborhoods with a total number of 617,622 plots of land, and the registration work has started in Mecca and Medina regions, as well as the Eastern Province.
The CEO of the General Authority for Real Estate pointed out that the registration of real estate is based on the best international practices followed. In the presence of His Highness the Emir of the region, the President of the Authority announced the start of the real estate registry application work in the Qassim region starting on Sunday, the first day of Muharram, corresponding to July 7, 2024, where it aims to register more than 380 thousand plots of land in Qassim, with the rest to be completed in 2025 in cooperation with the region's Municipality and the implementation of the real estate registry company.
Hammad stressed that the real estate registry will be completed in 2025. Al Hammad emphasized the keenness of the General Authority for Real Estate to continue working continuously with its partners to draw a clear map for the journey of the real estate sector from empowerment to sustainability to enhance the reliability and transparency of the sector to enhance investment in it and attract investors from around the world, and to create more modern, vibrant and luxurious urban communities, more sustainable and committed to environmental and social standards.
Hammad stressed the keenness of the General Authority for Real Estate to continue working continuously with its partners to draw a clear map for the journey of customers in the real estate sector from empowerment to sustainability.
