Month: October 2020

Retail housing finance contracts exceed SAR 96.7 billion

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Mortgage Loans - Finance Companies

Reading time: < 1 MinuteNew housing finance contracts for individuals, until the end of the third quarter of this year 2020, amounted to about 208,505 contracts worth more than 96.7 billion riyals provided by all financiers from banks and mortgage companies, while the number of mortgage loans grew by 84% during the last months of this year 2020 compared to the three quarters of 2019, which recorded 113,589 contracts, an increase of 90% ... Read more

Editor-in-Chief Abdulaziz Al-Issa writes: Developers ... and real estate marketers

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333 Abdulaziz Alissa - Riyadh Chamber - E-commerce - Real Estate Market

Reading time: < 1 MinuteThe real estate market has breathed a sigh of relief with a comfortable slowness that made us see signs of recovery from time to time, as the previous periods witnessed many important real estate deals, in addition to the stability of the sector organizationally after it witnessed during this year a number of controls and legislations that enhance the role of the sector and help achieve a balance between demand and supply. Expectations ... Read more

The Future of Hospitality Conference calls for investment in the countryside and support for entrepreneurs and ideas

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Tourism Future of Hospitality Conference

Reading time: 2 MinutesThe Kingdom is ready to receive millions of tourists Tourism - With the participation of 6,000 leaders, experts and interested parties around the world, Minister of Tourism Ahmed bin Aqeel Al-Khatib today opened the “Future of Hospitality” conference organized by the Ministry of Tourism and the G20 General Secretariat within the program of international conferences held on the sidelines of the year of the Kingdom's presidency of the G20. Read more

506 licenses issued to foreign investors in the first half of 2020

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Residential Land - Riyadh Future Projects - Real Estate

Reading time: 2 MinutesReal Estate - A recent economic report revealed that the Ministry of Investment issued 506 licenses to foreign investors in the first half of 2020, compared to 586 licenses last year. This drop in activity comes as a result of lower issuance levels in the second quarter of 2020 as license issuance dropped by 47% year-on-year. While April saw... Read more

Real Estate Tax has made it easier for licensed real estate agents to recover “value added”

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real estate-jeddah-170x113-min (1)

Reading time: < 1 MinuteReal Estate - The decision to apply the real estate transaction tax found a great response and explanation from specialists, where they confirmed addressing important cases for real estate developers by granting them facilities from two aspects, first in raising the value of the state's tolerance for any first home for the citizen to one million riyals, and this will boost the demand for private housing for individuals in general, and will move the market in general besides the movement of buying and selling ... Read more

Municipal and Rural Affairs approves controls for approving new residential plans

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The Ministry of Municipal and Rural Affairs controls the approval of new residential plans.

Reading time: < 1 MinuteThe Ministry of Municipal and Rural Affairs approved last week the controls for approving new residential plans in an effort to develop the urban environment and improve the urban landscape. Mr. Majid Al-Hogail, Minister of Housing and Acting Minister of Municipal and Rural Affairs, explained that the Ministry aspires through the approval of new residential plans to contribute positively to health and societal aspects, enhance the quality of life, and safe movement. Mr. Al-Hogail said the ministry aspires to contribute positively to health, quality of life and safe movement. Read more

GAZT reviews 12 cases excluded from real estate transaction tax

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Reading time: 2 MinutesThe General Authority for Zakat and Income Tax (GAZT) reviewed the areas of application of the tax and the cases excluded from application during a workshop organized remotely by the Eastern Chamber under the title "Real Estate Transaction Tax" recently The Authority explained that all transactions that take place in the form of sales and the like are subject to real estate transactions tax, as stated in the simplified guide and the content of the ... Read more

Digital platform to accept applications for property ownership on December 20

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Selling real estate. Real Estate Boom 2020

Reading time: < 1 MinuteReal Estate - Fahad Al-Yahya, Secretary General of the Real Estate Ownership Review Committees, confirmed that the digital platform for receiving applications for real estate ownership will be ready to operate on December 20 and will work for a full year, and will allow tracking the path of the property and the action taken on it, from any location and at any time. Al-Yahya added that the digital platform comes within the framework of ... Read more

Saudi Contractors Organization is working on 25 model contracts

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Contracting - Construction

Reading time: 2 MinutesContracting - Secretary General Engineer Thabet Al-Suwaid, Secretary General of the Saudi Contractors Authority, confirmed that the Authority worked on preparing model contracts and drafting 25 model contracts, including building construction, air conditioning, electrical work, plumbing, solar energy, communication systems and other contracting activities, indicating that these contracts aim to create a healthy relationship between project owners and contractors and limit ... Read more

Off-plan sale or rental committee outlines steps to issue license without margin on the deed

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Wafi - Real Estate - License Conditions

Reading time: < 1 MinuteReal Estate - The off-plan sale or rental committee has identified a number of steps to issue the license without marginalizing the title deed, where the first stage is an initial approval from the committee and then the issuance of the license, and then the approval from the minister after confirming the following: - The developer's financial capabilities. - Providing alternative guarantees. - Documentation in the project registry. Wafi explained that ... Read more

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