Month: January 2018

“The Ministry of Justice revokes the 2.51% commission rate… and directs that an agreement must be reached between the parties… and the seller is not obligated to pay the commission

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Residential Real Estate - Request Inquiry - Ministry of Justice

Reading time: < 1 MinuteThe Ministry of Justice has directed the abolition of certain customs related to brokerage in real estate sales and leases, as stipulated in the Real Estate Brokerage Regulation, The regulations abolished the custom requiring the seller to pay the commission and the custom of setting it at 2.5%. Article 5 stipulates that the commission must be determined by agreement between the real estate agency owner, the seller, and the buyer, and that the party or parties… Read more

Housing: Failure to Register with ”Ijar” Results in Permanent Revocation of Real Estate Agency Licenses

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Rent

Reading time: < 1 MinuteThe Ministry of Housing emphasized that Cabinet Decision No. 405 stipulates that licensed real estate brokers are required to register lease agreements for residential and commercial units electronically through the “Ejar” online platform. The Ministry clarified that anyone who violates this requirement will be subject to penalties under the Real Estate Agencies Regulation, which may include the permanent revocation of the agency’s license; such penalties are to be issued by a decision of the Minister … Read more

Low transaction value does not mean weakness The real estate market is charting a new course by correcting supply and responding to economic variables

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Rental Properties - Real Estate - Real Estate - Real Estate Funds - Rental - Licensing -... Real Estate Deals - Real Estate Exchange

Reading time: 2 MinutesAlthough the commercial sector’s market indices showed some movement, the sector recorded a record decline due to the imposition of the 5% tax on commercial transactions and the record drop in the value of transactions involving commercial plots of land, which caused the value of commercial transactions to fall to its lowest level since last December, settling at just $213 million, in a reversal … Read more

“Amlak Newspaper is a specialized sponsor Restatex - Cityscape Jeddah Real Estate Exhibition kicks off on February 9

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Reading time: < 1 MinuteUnder the patronage of His Excellency the Minister of Housing, Mr. Majid bin Abdullah Al-Hogail, the Jeddah Governorate will host the Restatex – Cityscape Jeddah real estate exhibition, following the official alliance between the two leading brands in real estate exhibitions in the Kingdom of Saudi Arabia and the Arab Gulf states. The exhibition, which launches under the specialized sponsorship of Amlak Real Estate Newspaper, will showcase … Read more

Global real estate price inflation is creating bubbles that pose a threat to the sector due to accommodative monetary policies

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Reading time: < 1 MinuteSaxo Bank revealed that real estate prices in Australia, London, Hong Kong, Sweden, and Norway are currently «overvalued,» posing a risk given that the sector affects broad segments of the population. Reports indicate that average home prices in Norway are seven times the after-tax household income, compared to 18 times in Hong Kong and 12 times … Read more

Sheikh Mohammed bin Rashid Inspects Construction Work on the Dubai Creek Project... 50% of Concrete Work Completed

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Reading time: < 1 MinuteDuring his tour of the Dubai Creek project—developed by Emaar Properties at a total cost of 3.67 billion dirhams—Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, observed the progress of construction work, with more than 50% of concrete work—scheduled for completion by the middle of this year—already completed. He explained … Read more

Ministry of Finance: Fifth Offering of the Kingdom’s Local Sukuk Program Closes at a Total Amount of 5.85 Billion Riyals

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Government Procurement - Ministry of Finance - Real Estate Investment

Reading time: < 1 MinuteThe Ministry of Finance announced that it has completed accepting investor applications for its fifth domestic issuance under the Kingdom of Saudi Arabia’s government sukuk program denominated in Saudi riyals. In a recent statement, the ministry explained that the total size of the issuance was set at 5.85 billion Saudi riyals, with the issuance divided into three tranches as follows: the first tranche amounts to 4.125 billion Saudi riyals … Read more

More than 673 million riyals have been invested in municipal project contracts across various regions of the Kingdom

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Reading time: < 1 MinuteHis Excellency the Minister of Municipal and Rural Affairs, Engineer Abdul Latif bin Abdul Malik Al Sheikh, signed contracts for municipal projects in the Holy Capital, Madinah, Riyadh, and Jeddah, at a total cost of 673,818,715 riyals, These projects focused on the maintenance and improvement of bridges, tunnels, streets, and squares; the operation of irrigation networks, plantings, and tree care; sanitation; and the control of mosquitoes that transmit dengue fever. These projects are part of the contracts … Read more

Al-Rajhi Bank’s Sharia Board Issues Lists of Companies That Comply and Do Not Comply with Sharia Regulations

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Reading time: < 1 MinuteAl-Rajhi Bank, represented by its Sharia Board, released lists of companies that comply and those that do not comply with Sharia regulations on the Saudi main and parallel markets. The list of companies compliant with Sharia regulations on the main market included 140 companies and 9 publicly traded real estate investment trusts (REITs), including the ”Al-Ahli REIT,” which was listed this month, and the ”Al-Rajhi REIT,” which is currently open for subscription, while the list of companies that violate the regulations included … Read more

Riyad Bank Announces a Program to Issue Initial Bonds and Sukuk in Riyals and Dollars  

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Riyad Bank - Off-plan Selling - Real Estate Finance

Reading time: < 1 MinuteRiyad Bank announced that it intends to establish a program to issue primary and secondary bonds and sukuk within and outside Saudi Arabia in riyals, dollars, or any other currency. In a statement, the bank said that the bond issuance program aims to “diversify funding sources and maturities and strengthen the bank’s capital base, thereby supporting the expansion of its lending activities and enabling it to carry out its banking operations.” It added that it will establish … Read more

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