Month: September 2018

The value of real estate transactions falls in 1439 to 172.01 billion riyals. Land is the highest transaction

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Reading time: < 1 MinuteData released by the Ministry of Justice revealed that the value of real estate transactions in 1439 AH reached approximately 172.01 billion riyals, marking a decrease of 15%—equivalent to 31.1 billion riyals—compared to 1438 AH, continuing the downward trend for the fourth consecutive year. Real estate transactions during 1439 AH were divided between residential properties, valued at 117.8 billion riyals, and commercial properties, valued at 54.21 billion riyals. The largest share was accounted for by … Read more

20% of newly registered Ejar contract holders opt for monthly payment service

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Apartments for rent - apartment rental platform - residential rental - real estate lease

Reading time: < 1 MinuteThe owners of 20% of the newly registered leases on the E-Rent network have opted for the recently launched monthly payment service, Engineer Mazen Al-Dawood, General Supervisor of Real Estate Regulation at the Ministry of Housing, explained that this high demand reflects how well the parties involved in the rental process have embraced this vital service, which aims to make things easier for them and meet their needs. He added: “The option of monthly payments allows tenants the ability …” Read more

Medina Municipality invites the families of 25 citizens to complete the procedures of the residential plots granted to them

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Reading time: < 1 MinuteThe Madinah Region Secretariat invited 25 citizens who had been approved to receive residential plots pursuant to royal decrees issued on behalf of the wounded and martyrs who participated in Operation Decisive Storm, to visit the Secretariat’s main building on Amir al-Mu’minin Omar ibn al-Khattab Road on Tuesday, corresponding to the 8th of Muharram 1440 AH, at 9:00 a.m. The Secretariat requested that the beneficiaries bring their national ID cards and a copy thereof, or a legal power of attorney from … Read more

The Kingdom has joined the International Association of the Exhibition Industry and is committed to its international standards, which apply to its most prominent global trade events

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Reading time: 2 MinutesAt its recent meeting, the Executive Committee of the Global Association of the Exhibition Industry (UFI) approved the membership of the Kingdom of Saudi Arabia—represented by the National Program for Exhibitions and Conferences—in the Global Association of the Exhibition Industry (UFI). This is the second international association specializing in the meetings industry that the Kingdom has joined, following the International Congress and Convention Association (ICCA). The number of members of the International Exhibition Industry Association stands at approximately … Read more

Real Estate Contributions Committee Offers 14 Residential and Commercial Lots for Direct Sale in Qatif

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Real estate contributions

Reading time: < 1 MinuteThe Real Estate Contributions Committee at the Ministry of Commerce and Investment has put 14 residential and commercial lots up for direct sale in the Durat Al-Khader development on Tarut Island in Al-Qatif, along the Riyadh Highway. In a statement issued today, the committee explained that the plots, which are both commercial and residential, range in size from 630 square meters to 1,069 square meters. The committee required prospective buyers to submit a purchase offer addressed to … Read more

Developing Building Regulations by Utilizing the Land “Municipal and Rural Affairs” announces allowing building with setbacks towards the neighbors and adjoining the external extension to the building

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Reading time: 2 MinutesThe Ministry of Municipal and Rural Affairs announced an amendment to the existing setback regulations for residential buildings (villas) on the ground floor only in approved residential plans, such that the building coverage ratio on the ground floor is 70% (maximum) of the land area, including the villa structure, setbacks, and annexes. Construction in setbacks is permitted only on the sides adjacent to neighbors, with a maximum of two sides for detached villas, while construction is permitted … Read more

A. Manal Al-Asiri writes: Value-Added Tax... and the Diversity of Housing Solutions

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Reading time: < 1 MinuteThe Kingdom of Saudi Arabia ratified the Unified Value-Added Tax Agreement of the Gulf Cooperation Council (GCC) and began implementing the tax system on January 1, 2018, It has committed to imposing the world’s lowest VAT rate (5%) on certain goods and services, such as food, transportation, real estate, education, and others, as detailed in the implementing regulations issued by the General Authority for Zakat and Income. Since the real estate and housing sectors … Read more

Across 21 towers… Emaar Properties“ sales at ”Marina Vista” exceed 50%

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Reading time: < 1 MinuteEmaar Properties recorded record sales exceeding 50% during the first few days of the launch of its new project, “Marina Vista.” Emaar recently launched the new “Marina Vista” residential tower on the shores of the Arabian Gulf as part of the “Emaar Beachfront” project, with prices starting at 1.2 million dirhams. The new residential tower is one of 27 towers the company plans to develop in the complex… Read more

Shura Council approves amending the financing system of the Industrial Development Fund to reach 75% in less developed cities

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Saudi Development Fund - Loans

Reading time: < 1 MinuteAt its session yesterday, Tuesday, the Shura Council approved an amendment to paragraph (6) of Article (4) of the Saudi Industrial Development Fund Regulations (Amended), issued by Royal Decree No. (M/59) dated 10/16/ 1432 AH, to read as follows: “The Fund’s loan shall not exceed (50%) of the financing required for the project or its development, and the Council of Ministers may raise this percentage to (75%) in … Read more

Saudi Capital Market Authority Approves the Offering, Registration and Listing of Ma'arif REIT“

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Reading time: < 1 MinuteThe Saudi Capital Market Authority has approved the request by “Asoul & Bakhit Investment Company” to offer, register, and list units of the “Ma’arif REIT” on the market as publicly offered, tradable real estate investment trust (REIT) units. The Authority said in a statement on “Tadawul” yesterday, Tuesday, that the terms and conditions of the “Ma’arif REIT” are available on the websites of both the fund manager and the Authority … Read more

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