The Real Estate Systems Forum continued its work under the patronage of His Highness Prince Badr bin Mohammed bin Jalawi Al Saud, Governor of Al-Ahsa, under the title “Modern Real Estate Systems and Their Role in Advancing the Real Estate Reality" in the presence of a group of Their Excellencies, academics, officials in the public and private sectors and businessmen interested in real estate affairs. The forum, which hosted more than 40 experts and specialists, dealt with 21 scientific and professional papers that included the following topics: Activating modern real estate systems, developing real estate documentation, liquidating real estate, inheritance between reality and hope, real estate issues and implementation obstacles, the real estate sector and ways to develop it, and organizing the real estate market.
All discussants and interlocutors emphasized the importance of the real estate sector issues that need wider opportunities for research and dialogue between investors and decision-makers to reach legislative formulas that are compatible with the future and ambition of the wise leadership in this country to increase investment opportunities in all fields.
Forum recommendations
After an extensive discussion during the forum's sessions, the forum came up with a number of recommendations, as follows:
First: The importance of activating the implementation of the mortgage system and drafting its executive regulations, and simplifying the procedures for transferring ownership of real estate through the development of regulations that regulate the proof of ownership and its transfer in order to achieve accuracy and speed of implementation.
Secondly: Work to develop a mechanism to ensure the speedy resolution of real estate disputes, including the development of a procedural system for the real estate courts whose establishment has been approved, and coordination between the Ministries of Justice and Municipal and Rural Affairs in all matters related to real estate affairs.
Third: Expediting the activation and implementation of the real estate registration system and recommending to the Supreme Court to establish judicial principles related to real estate.
Fourth: The importance of spreading awareness in real estate transactions and documentation, and highlighting the role of arbitration in shortening time and procedures, especially with regard to real estate contributions and inheritances.
Fifth: Finding a suitable formula for coordination between SAMA and the Ministry of Justice to work on standardizing financing and real estate registration forms.
Sixth: Addressing the Ministry of Municipal and Rural Affairs, represented by Al-Ahsa Municipality, to prepare an indicative real estate atlas for Al-Ahsa.
At the conclusion of this forum, Al-Ahsa Chamber, represented by the Real Estate Committee and the Lawyers Committee, extended its thanks and appreciation to His Highness Prince Badr bin Jalawi, Governor of Al-Ahsa, for his generous patronage of this forum and his unlimited support, and to Their Excellencies, Virtue and Excellency and all participants, including speakers, session managers and all guests participating in the attendance of this forum.
