Month: June 2020

Minister of Justice approves the executive regulations of the Commercial Courts Law

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Minister of Justice Engineering Offices - Commercial Courts - Emptying - Real Estate - Notarization

Reading time: 2 MinutesThe Minister of Justice and President of the Supreme Judicial Council, Dr. Walid bin Muhammad Al-Samaani, approved the executive regulations for the Commercial Courts Law, which include a set of procedures and guidelines for the provisions of the Commercial Courts Law—comprising 281 regulatory articles— specifically defining the duties of judicial officers, regulations governing the use of the private sector, authorization to seek expert opinions, and the expansion of the pool of experts to include the consultation of merchants, in the event that … Read more

«Real Estate Balance» will provide residential land and align supply with demand

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Residential Land - Real Estate Equilibrium

Reading time: < 1 MinuteSources close to the decision-making process have revealed that a «real estate equilibrium» is imminent in the Kingdom, which will bring real estate prices back to their true value, The sources confirmed that this trend will please citizens seeking residential land, offering guarantees, reasonable prices, and government oversight. Achieving a balance between supply and demand is a challenge facing the real estate sector in the Kingdom’s markets and represents a positive step toward addressing distortions in the sector … Read more

Real estate agents are frantically anticipating the implementation of the new tax, executing 8,000 real estate transactions in a week

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Washington - Global Real Estate - Real Estate Deals

Reading time: 2 MinutesIn anticipation of the decision to implement the value-added tax at its new rate (15%) on July 1, the total value of real estate transactions last week rose to its highest weekly level since the beginning of this year, settling at 7.9 billion riyals, compared to the previous week’s market activity of 3.4 billion riyals, The strong rebound in real estate market activity included … Read more

Commercial real estate prices fall in the Kingdom Residential real estate rises by 2.1%

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Residential real estate -

Reading time: < 1 MinuteResidential real estate prices in the Kingdom rose by 2.1% in the first quarter of this year compared to the first quarter of last year (2019), even though commercial real estate saw a marginal decline of 0.5% during the same period. According to the latest report issued by Cavendish Maxwell on the real estate market in Saudi Arabia in 2020, … Read more

Requires extra effort from landlords and marketers Real estate professionals for «Amlak»: Electronic real estate auctions have «positives» and do not cancel the traditional ones

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Survey. Online Real Estate Auctions

Reading time: 3 MinutesAs the Ministry of Justice prepares to launch a large number of online real estate auctions, real estate professionals have expressed differing opinions and reactions regarding the feasibility and importance of this step, which has found support among many interested parties, who attributed this to the initiative’s promotion of transparency, increased competition among members of the public, the ease of verifying participants’ eligibility, and the reduction of the hassle associated with in-person procedures. Meanwhile, others believe … Read more

The lease period for state-owned real estate for major projects does not exceed 50 years The duration of investment contracts ranges from 15 to 25 years

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State Land - Land - Real Estate - Real Estate

Reading time: 2 MinutesThe regulations governing the disposal of state-owned real estate, adopted by the General Authority for State Real Estate, specify the terms for leasing state-owned properties directly following a public auction held twice; the lease term may be on a daily or monthly basis for temporary purposes, Investment contracts last 15 years when buildings are added or renovated, while those involving the construction of permanent buildings have a contract term of up to 25 years, whereas it is possible … Read more

New regulations allow the General Authority for State Properties to enter into various investment partnerships with third parties

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Public Authority for State Properties - «Lease System» contracts»

Reading time: < 1 MinuteThe regulations issued by the Board of Directors of the General Authority for State Real Estate—which are part of the regulations governing the disposal of state real estate—allow the Authority to enter into partnerships with third parties, subject to the Board’s approval, in order to achieve its mandated objectives. These partnerships involve entering into partnership agreements (or establishing a company) with an investor, whereby the state-owned property serves as the Authority’s contribution in exchange for a financial contribution … Read more

The Ministry of Justice allows certified notaries to provide real estate registration services 24 hours a day, outside of official government business hours

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Conciliation platform

Reading time: < 1 MinuteThe Ministry of Justice announced that its accredited notaries can provide real estate registration services outside of official government working hours, at a time and place specified by the beneficiary, noting that notaries working 24 hours a day, seven days a week, have spared thousands of beneficiaries the need to visit notary offices, saving them time and effort without having to make appointments or … Read more

The Minister of Housing expresses his gratitude to the leadership for recognizing the Real Estate Developers Services Center as an official entity with independent status

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Residential projects

Reading time: < 1 MinuteHis Excellency the Minister of Housing, Mr. Majid bin Abdullah Al-Hogail, expressed his deepest gratitude and appreciation to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and his trusted Crown Prince, His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud —may God protect them both—for the Cabinet’s decision to approve the establishment of the Real Estate Developers Services Center «Itmam» … Read more

Abdulaziz Al-Issa, Editor-in-Chief, writes: In which direction is the real estate market heading?

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Reading time: 2 MinutesThe real estate markets are shrouded in uncertainty regarding what the near future may hold; this makes the challenges extremely difficult, making it impossible to predict the direction the real estate market will take, although we note that demand for residential housing is met by an abundance of rental housing. Naturally, the commercial real estate sector is shrinking as technological advances enable work and marketing to be conducted from … Read more

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