The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud - may God protect him - chaired the session of the Council of Ministers, held today, in Jeddah.
During the session, the Cabinet approved the Real Estate Expropriation System
. 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 to the owners of real estate to be expropriated and project owners.For his part, His Excellency commended the Council of Ministers for its approval of the Expropriation and Temporary Seizure of Real Estate Regulations. 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 expropriation, as well as the same amount plus 20% of that value as compensation for temporary handover.
His Excellency the Governor of the Public Authority for State Properties, Dr. Abdulrahman bin Hamad Al-Harkan, expressed his thanks and appreciation to the wise leadership for issuing the approval of the system, stressing that the system ensures the rights of owners and project owners in all of its articles.
