Riyadh Chamber in cooperation with the General Real Estate Authority organized a meeting last Monday evening, September 2, 2024, during which they discussed the system of selling and leasing real estate projects on the map and the new executive regulations, as the system aims to regulate the activity of selling and leasing real estate projects on the map and raise the level of transparency and disclosure to ensure the rights of all parties to the contractual relationship are protected.

Mr. Abdullah Al-Duhaim, Supervisor of real estate development sector at the Authority, reviewed the provisions of the system and its executive regulations, indicating that it aims to reduce violations in the off-plan real estate development sector and meet engineering and accounting requirements, noting that the system contributes with the system of real estate legislation to raise the confidence of investors in the real estate sector.

The system contains (30) articles that include definitions, general provisions, mandatory licenses and registration, the competencies of the competent authority, the requirements for advertising or marketing any off-plan real estate development project, the conditions for registration in the developers" register, the mechanism and controls of the escrow account and its disbursement, project construction guarantees and financial lists, the mechanism to control violations of the provisions of the system, disclosure and control and the necessary measures for defaulted projects, and other provisions and controls.

Other provisions and controls.