The Public Authority for Real Estate continues its efforts to activate the "Sale on Map" system as a regulatory and legislative tool that supports transparency and protects the market from abuses. This system is one of the most prominent initiatives that contribute to the development of the real estate environment and provide safe housing and financing options for citizens.
<The General Authority for Real Estate revealed the main elements and control mechanisms included in the Sale on Plan system, which is considered one of the main regulatory tools to control the real estate market in the Kingdom. And
The off-plan sales system aims to regulate the relationship between all contracting parties, ensure the quality of project implementation, and enhance governance in marketing, advertising and financial sales processes.
The off-plan sales system is one of the main regulatory tools to control the real estate market in the Kingdom.
The system includes several control axes, most notably:
Following up financial payments and the mechanism of collecting them to ensure the rights of all parties.
Monitoring the quality of implemented real estate projects and ensuring their compliance with technical standards.
<Organizing the contractual relationship between the seller and the buyer to avoid any future disputes. Control the marketing and advertising processes to ensure the correctness and transparency of the information offered.
The system includes a set of rules and regulations. The system also includes a set of control types that are carried out at advanced stages of the project to ensure quality, including:
<Checking the quality of implementation at each stage of the project.
Matching the technical and engineering specifications to what was agreed upon in the concluded contracts.
Reviewing the stages of completion and milestones. <Reviewing the stages of completion and comparing them with the specified timelines. <Approving periodic reports from licensed consultants to follow up on the developer's compliance with the technical and executive conditions. Through this comprehensive control, the Authority aims to enhance buyers" confidence in the real estate market and stimulate investment in off-plan sales projects, which is one of the effective tools in increasing the real estate supply and providing various options for consumers.
According to the Authority, the reports are approved by licensed consultants to follow up the extent of the developer's commitment to the technical and executive conditions. According to the Authority, the off-plan sales system comes within a broader development strategy that aims to raise the efficiency of the market and balance between supply and demand, in line with the objectives of Saudi Vision 2030 in enabling citizens to own suitable housing and enhancing transparency in all real estate transactions.
