To ensure the effectiveness of the Non-Saudis Owning Real Estate system, achieve its objectives and maximize its impact on the real estate sector, it was built according to five main principles, the Real Estate Authority explained in a statement about the main features of the system.
The Real Estate Authority explained in a statement about the main features of the system.
1- Sovereignty: The state retains full sovereignty in determining the geographical scope, types of in-kind rights, and ownership ratios, to emphasize that ownership is not an end in itself, but a means to support the economy, stimulate urban development, and achieve added economic and developmental value.
The system emphasizes that ownership is not an end in itself, but a means to support the economy and stimulate urban development.
2- Transparency: The system promotes transparency by requiring real estate registration, full disclosure, and penalties for any manipulation of information or values, which preserves investor confidence, ensures market fairness, and prevents any irregular practices. The system also includes features that enhance transparency by clarifying all provisions, articles and procedures through a unified digital platform for real estate transactions. 2- Transparency.
3- Citizen priority: The system is based on making ownership available to non-Saudis, individuals, companies and entities, within clear controls that take into account the public interest, preserve the religious and cultural specificity of Saudi society, and ensure citizen priority and stability of the local market. 3- Citizen priority: 4- Preservation of rights: The system ensures the preservation of rights for all parties by linking directly to the real estate registration system, documenting ownership and real rights, and reducing disputes. It also defines clear mechanisms for subsequent real estate transactions and enables the documentation of all rights to enhance reliability in the real estate market.
5- Governance: The system defines clear responsibilities for the regulatory authorities, and the effectiveness of regulatory integration between related systems, while granting powers to judicial bodies and specialized committees to consider violations and objections, and authorized the concerned authorities to issue executive regulations and decisions, to ensure fair and consistent application with the variables of the real estate market, and the executive regulations will include all the details of the procedures and the beneficiary's journey in all its details in order to make the system a unique experience in line with the progress reached by the Kingdom of Saudi Arabia in all fields. <span style="color="color5" target="_blank" href="_blank" rel="nofollow" target="_blank" target="_blank" rel="_blank" size="nofollow
