Month: July 2020

Defining the work rules of «State Properties» committees Only applications that are compatible with aerial photographs and organizational charts will be considered

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Rules for real estate applications

Reading time: 2 MinutesThe General Authority for State Real Estate announced the rules and operating procedures for committees reviewing real estate ownership claims, the procedures for handling such claims, the required documents and conditions, and defined the framework for the committee’s duties and operations. His Excellency Mr. Ihsan Bafqih, Governor of the General Authority for State Real Estate, expressed his appreciation for the unlimited support the Authority receives from the rulers—may God preserve them—which enables it to achieve its vision… Read more

Saudi building code enforcement enters second phase by the end of Dhu al-Hijjah, 1441 A.H.

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Saudi Building Code Application

Reading time: 2 MinutesAt the end of Dhu al-Hijjah 1441 AH, the Saudi Building Code will enter a new phase of implementation (Phase Two, which focuses on community buildings, and recognizes the code’s importance in improving the quality of the construction sector and achieving efficiency, sustainability, safety, public health, and rational use of energy (electricity and water), and reducing construction costs—by ensuring the safety of structures and their occupants through the establishment of specifications and requirements … Read more

Editor-in-Chief Abdulaziz Alissa writes about the impact of regulations on real estate

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Reading time: 2 MinutesRapid developments and shifts have taken place in the real estate sector; these warrant attention due to the sector’s direct exposure to decisions and regulations such as the suspension of land-use plans, the increase in value-added tax, and the “white land” fees—the second phase of which will begin once the first phase is fully implemented—  as well as the building code, whose second phase will begin at the start of the Hijri year 1442, and the uncertainties affecting investors’ calculations in the market. The new market regulations and the government’s actions… Read more

Itqan Real Estate and Tasfeeqa to launch «Shorouk Cities» scheme coming soon

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Mastering Real Estate Real Estate Auction

Reading time: < 1 MinuteReal Estate Auction – Itqan Real Estate has begun a marketing campaign to offer shares in the «Madin Al-Shorouk» development in the Al-Ramal neighborhood at a public auction in the coming weeks, under the supervision of the Real Estate Contributions Committee («Tasfiya»), The project, which is being marketed exclusively by «Itqan,» is distinguished by its strategic location near major road networks—the Dammam Road, the Janadriyah Road, and the Khurais Road—and close to government facilities, making it a hub … Read more

Laden Investment Company holds its first meeting for owners of residential units in the Jewel of Rusaifa project on Monday, July 20

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Abdulrahman Al-Qout, Director of Marketing and Sales at Laden Residential Units Company

Reading time: < 1 MinuteLaden Investment Company has invited the owners of residential units in the Jawharat Al-Rasifa project in Makkah to attend the first meeting on Monday, July 20, 2020, The meeting aims to foster productive communication between the owners and the company’s management, during which all questions and inquiries will be answered remotely via the Google Meet platform. For his part, Abdulrahman Al-Qut, Director of Marketing… Read more

Launching the e-platform of the Real Estate Developers Service Center to provide 36 digital services to the real estate sector

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Launching Itamam - Aqar

Reading time: < 1 MinuteReal Estate – With the aim of providing 36 e-services to the real estate sector, Housing Minister Majid bin Abdullah Al-Hogail launched the new e-platform for the Real Estate Developers Services Center “Etmam,” which includes a web portal and a mobile app, with the aim of facilitating and expediting the process of applying for licenses and approvals through a single electronic platform that brings together all parties involved. The center explained that the platform … Read more

Residential program confirms it will continue to issue VAT certificates for first homes

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Residential mortgage financing for individuals

Reading time: < 1 MinuteReal Estate – The Housing Program announced that it will continue to issue certificates exempting all citizens seeking to purchase their first home from the 15 percent value-added tax, provided they meet the conditions set forth in the Royal Decree dated 18 / 4/1439, which stipulates that “the State shall bear the value-added tax on amounts not exceeding 850,000 riyals of … Read more

Construction demand rebounds; 4.7 million tons of cement produced in June

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Construction

Reading time: < 1 MinuteConstruction – Data released by Al-Yamama Cement Company revealed a rise in demand in the building materials and cement markets over the past month, Total sales for local cement companies jumped by 86 % in June 2020, reaching 4.7 million metric tons, compared to sales of 2.5 million metric tons recorded during the same month in 2019. Recovery … Read more

Including real estate qualification Four phases of the real estate brokerage system

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Real estate brokerage

Reading time: < 1 MinuteThe Real Estate Development Fund, in collaboration with the Real Estate Development Agency at the Ministry of Housing—via video conference—organized an introductory workshop on the real estate brokerage system for a number of real estate brokers from all regions of the Kingdom,  The workshop was presented by Turki Al-Dahmash, Director of the Digital Services Business Development Department at the Fund, and Bandar Al-Hassan, Director of the Sales Department at the Real Estate Development Agency. The workshop is part of the preparations for the “Real Estate Brokerage…” system project… Read more

According to data from the General Authority for Statistics: The percentage of residential units owned by Saudis rose to 62% in the first half of the year

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Eastern Projects - Real Estate Companies - Residential Projects - Real Estate Finance - Residential Units

Reading time: < 1 MinuteThe Director General of the Ministry of Housing’s Eastern Province Branch, Eng. Abdullah Al-Muwaihi, revealed that the percentage of Saudis owning residential units had risen to % 62 as of the first half of this year, according to data from the General Authority for Statistics, in partnership with real estate development companies and financial institutions. He noted that the Ministry’s strategy aims to reach 60 % by the end of 2020. Al-Muwaihi explained, during a monthly meeting organized by … Read more

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