Balancing Platform culminates real estate correction efforts

Hani Khashoggi

The Kingdom's institutions are doing everything in their power to consolidate the real estate sector and promote the balance between demand and supply, as the only way to create diverse real estate products at reasonable prices, without excesses that are out of control, which actually happened in the real estate market in the capital Riyadh during the past period, which prompted the rulers to move quickly, announce generous directives, and take measures that would address the negatives of the sector, and control it again.

<When the Royal Commission for Riyadh City announces the launch of the Real Estate Balance Platform, as part of the generous directives issued by His Highness Crown Prince Mohammed bin Salman last March to correct the course of the real estate sector, it sends an urgent message to everyone that the state - may God protect it - will not accept any abuses in the sector. It sends an urgent message to everyone that the state will not accept any abuses in the sector, and that it rejects some developers manipulating prices or monopolizing lands, especially if we know that the task of the new platform is to receive applications from citizens wishing to obtain lands, which His Highness the Crown Prince directed, amounting to 40,000 plots of land annually, over the next five years.

Getting rid of many negatives

The real estate balance platform crowns the system of official measures that will rid the real estate sector of its many negatives, which resulted in the high prices of its products in front of the citizen and investor, which reflected negatively on the city's economic scene, and confused many projects that depend on real estate, and many citizens who dream of owning a home found it difficult to realize their dreams. The directives of His Highness the Crown Prince included the Royal Commission for Riyadh City to work to provide planned and developed residential lands for citizens, amend the white land fees system and reach an appropriate formula to control the relationship between the owner and tenant.

The directives included the Royal Commission for Riyadh City to work to provide planned and developed residential lands for citizens, amend the white land fees system, and reach an appropriate formula to control the relationship between the owner and the tenant. It seems that the electronic mechanism of the real estate balance platform will ensure the treatment of the real estate sector in Riyadh, as the platform is the only channel specialized in distributing land to citizens, according to a set of conditions and criteria, to ensure that the land product reaches its beneficiaries, at fixed official prices that do not exceed 1500 riyals per square meter, without the need for intermediaries who may manipulate the price or the mechanism of the platform by favoring a citizen who does not deserve, over another who deserves.

Here we must not overlook the conditions set by the concerned authorities for the work of the real estate balance platform, those conditions reflect the Kingdom's keenness to deliver the land product to those who need it the most, as the platform requires the applicant to be married, or over 25 years old, and not own another property, with a residence of at least three years in the city of Riyadh, and that the priority of registration does not give priority in eligibility, and here the message is embodied that the distribution process will be done in all transparency and impartiality.

What can be emphasized is that the real estate balance platform will be carried out in a transparent and impartial manner.

What can be emphasized is that the directives of His Highness the Crown Prince have controlled the real estate market and forced real estate developers to reduce prices and accelerate the development of land, and with the start of land distribution through the real estate balance platform, we do not rule out that the market will be regulated and the prices of its products will decline.

@khashogjisa