Amlak - Follow-ups
The Ministry of Commerce and Industry has warned real estate development companies that wish to invest in off-plan real estate sales projects (under construction) not to advertise, market or sell in these projects unless the necessary license is obtained from the committee formed in the Ministry of Commerce by Cabinet Decision No. 74 of 54,5341 and regulating the sale of off-plan real estate units.
The Committee called on citizens and residents not to fall behind any process that includes marketing the sale or reservation of off-plan real estate units under construction or to be built or even real estate lands that have not been developed until after confirming that the advertiser has obtained the necessary license by the competent committee in the Ministry, and to confirm this when wishing to buy, and not to rely on advertisements or project presentation in real estate exhibitions or others unless it includes reference to the license granted by the Ministry to the developer and the escrow account number of the project approved by the off-plan sale committee.

The off-plan sales committee has recently approved a number of licenses for real estate development companies to practice the activity of selling real estate units on the map in real estate development projects belonging to them after meeting the statutory requirements. Those wishing to own property in such projects can visit the Ministry's website re.mci.gov.sa to view the companies licensed to sell real estate units on the map, and note the number of the approved escrow account that the buyer of the unit must deposit the payment amounts for its value in this account.

The Ministry has recently approved a number of real estate development companies to engage in the activity of selling real estate units on the map in real estate development projects belonging to them after meeting the statutory requirements.