Mr. Al-Jadaan stressed that the system comes within the organizational and legislative developments in the Kingdom in light of the Kingdom's Vision 2030. His Excellency stressed that the system comes within the regulatory and legislative developments that the Kingdom is witnessing in light of the Kingdom's Vision 2030, as it aims to unify the procedures of expropriation and temporary seizure of real estate, develop them in an easy and transparent manner, achieve the public interest, and ensure fair compensation for the owners of real estate to be expropriated and the project owners.
For his part, His Excellency the Governor of the Kingdom of Saudi Arabia praised the Cabinet's approval of the system. For his part, Dr. Abdulrahman bin Hamad Al-Harkan, Governor of the Public Authority for State Properties, expressed his thanks and appreciation to the wise leadership after the approval of the system, stressing that the system guarantees the rights of owners and project owners in all its articles, including the valuation of expropriated properties by appraisers accredited by the Saudi Commission for Certified Appraisers, according to the fair market value, adding 20% to that value as compensation for the expropriation, as well as the same amount plus 20% of that value as compensation for the temporary handover.
He added that the system guarantees the rights of owners and project owners in all of its articles. <Al-Harkan added: “The new Real Estate Expropriation Law includes exempting expropriated owners from real estate transaction tax for five years equal to or less than the tax value of the compensation amount, when they purchase alternative properties from the expropriated properties, starting from the date they receive the compensation amount, as well as exempting owners from white land fees in case the compensation is for alternative land.”
His Excellency H.E. the Governor of the Real Estate Regulatory Authority (RERA) explained that the compensation amount is equal to the value of the compensation. The system unifies the authority for organizing, supervising and controlling the processes of expropriation and temporary seizure of real estate, as requests for expropriation and temporary seizure are submitted to a committee in the General Authority for State Property with the participation of a number of representatives of government agencies, with the need to provide the necessary funds before starting the procedures, and to search for state properties that meet the purposes of the project in the public interest before starting the expropriation procedures.
His Excellency the Governor of the Authority explained that the system unifies the authority for organizing, supervising and controlling the expropriation of real estate and temporary seizure of real estate.
