Applicants to buy residential land through the real estate balance platform in the city of Riyadh at a price of 1500 riyals per meter are waiting for the announcement of the results today, as announced by the Royal Commission for Riyadh, as obtaining a plot of land at this price in Riyadh is a good opportunity, so a number of conditions have been set to ensure the eligibility of the applicant.
Ahead of the announcement of the result of the eligibility to buy residential land through the real estate balance platform, we explain the reasons that are a barrier to obtaining a plot of land, according to what the competent authorities clarified, as follows:
- Owning a real estate property, even if the applicant has sold it or the property is mortgaged in his name, is a barrier to obtaining a plot of land.
- Agricultural land and commercial real estate are considered private property, which also affects the applicant's eligibility for a residential plot.
- Residence in the suburbs of Riyadh is a reason affecting the eligibility to obtain a residential land, as the residence must be within Riyadh.
- Residence outside the city of Riyadh, where the applicant is required to be a permanent resident within the city of Riyadh, but if the application is rejected due to traveling from Riyadh for work or study, the applicant can submit an objection through Real Estate Balance Platform. .
The offering of residential lands within Riyadh at a meter price of 1500 Saudi riyals is one of the Kingdom's mechanisms to increase the ownership rate, in order to achieve the targets of the Kingdom's Vision 2030, as it is planned to offer between 10 thousand and 40 thousand pieces annually during the next five years.
Riyadh is one of the Kingdom's mechanisms to increase the ownership rate.
