Riyadh—Amlak
The Committee for the Sale of Off-Plan Real Estate Units at the Ministry of Commerce and Industry its regulatory and supervisory duties regarding real estate development projects that operate under an early-sale system—either before or during the construction period—through field visits to a number of projects that have obtained licenses to sell off-plan real estate units, as part of its commitment to ensuring the success of these projects and monitoring their progress, and to achieve the Committee’s objectives of protecting the rights of buyers and developers through regulations and procedures that guarantee this, increasing transparency in the real estate market, and reducing the costs of owning real estate units, as well as fostering and stimulating competition among developers to help increase supply through project development.
The delegation representing the Committee visited real estate projects in Riyadh, the Eastern Province, and the Western Province that are currently under construction to closely monitor the progress of these projects and review their stages of completion. During the visits, the latest developments in housing projects being implemented by real estate development companies. Periodic reports issued by the Committee-approved certified public accountant and engineering consultant for each project were also discussed.
To fulfill its role in monitoring projects, the Committee will continue its field visits and tours of other projects, The Committee is also reviewing a number of other applications for off-plan sales licenses and is working to verify and ensure compliance with all necessary conditions for granting licenses to the projects under consideration.
It is worth noting that as of 24/11/1434, corresponding to 30/9/2013, the number of real estate units in projects that have obtained licenses to sell off-plan real estate units reached (16,303) real estate units. The projects that have obtained licenses to sell real estate units off-plan can be viewed on the Secretariat’s website at www.mci.gov.sa/osc.