Month: October 2020

“Retal Urban Development sells 700 residential units in four days

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Real Estate - Retal - Nisaj Town Project

Reading time: < 1 MinuteReal Estate – “Retal” Urban Development Company announced that it had sold all units in the “Nasaj Town Riyadh,” comprising 700 residential units, in just four days—a major achievement for the company and a record-breaking feat that underscores its customers“ confidence in it and confirms its well-deserved status as the ”Best Developer in the Kingdom,” as ranked by the Ministry of Housing during “Housing Forum 2019.” On this occasion, Engineer Abdul … Read more

Saleh Al Rajhi's estate realizes more than one billion riyals during the thirteenth auction

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Real Estate Auction - Al Rajhi Estate Liquidation Board

Reading time: < 1 MinuteReal Estate Auction – The 13th public auction for the liquidation of the estate of Sheikh Saleh bin Abdulaziz Al-Rajhi —may God have mercy on him—which was held at 4:00 p.m. today, generated total sales of one billion, twenty-six million, one hundred fifty-seven thousand, four hundred fifty-six riyals (1,026,157,456) riyals, following the sale of the Al-Aziziyah Mall property, the adjacent exhibition grounds, and the tower site, … Read more

The Ministry of Municipal and Rural Affairs Instructs Owners of Industrial Businesses to Rely Solely on Their Commercial Registration

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Buildings - Commercial Register - Contracting Projects - Workers' Residences - Shops - Construction - Real Estate - Investment

Reading time: < 1 MinuteThe Ministry of Municipal and Rural Affairs has instructed owners of industrial businesses not to seek approvals from the Ministry of Industry, but rather to rely solely on their commercial registration, following a recommendation by the Council of Economic and Development Affairs regarding the competitiveness of the investment environment in the Kingdom. The directive, issued by Dr. Yahya bin Abdulaziz Al-Hagail, Deputy Minister for Municipal Affairs, is consistent with the mandate of the ministerial committee formed to develop a draft plan to improve … Read more

Al-Haqeel confirms that the impact of the housing tax reduction is positively reflected in the increase in ownership

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Al-Haqeel Real Estate Ownership System

Reading time: < 1 MinuteReal Estate – The Minister of Housing and Acting Minister of Municipal and Rural Affairs, Majid Al-Hogail, that the tax cut has had a positive impact on housing prices in Saudi Arabia and is helping to increase home ownership among citizens, adding that the decision further regulates the sector by granting developers an exemption to ensure the quality of buildings and the sector as a whole. Al-Hogail stated in a television interview with Al-Arabiya last week, … Read more

Riyad Al-Zamil Appointed Chair of the Riyadh Chamber of Commerce Entrepreneurship Committee; Latifa Al-Walan Named Vice Chair

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Al-Zamil Appointed Head of the Entrepreneurship Division - Riyadh Real Estate

Reading time: < 1 MinuteThe Entrepreneurship Committee of the Riyadh Chamber of Commerce and Industry elected Mr. Riyad bin Hamad Al-Zamil as committee chair, while board member Ms. Latifa Al-Walan was elected vice chair. This took place during the first board meeting of the 18th term. The meeting reviewed a number of issues facing the sector and worked to find solutions to them through coordination with relevant stakeholders. In addition… Read more

The Jeddah Provincial Secretariat Establishes the First Integrated Workers' Housing Complex to Accommodate 17,000 Workers

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Real Estate - Jeddah, the First Residential City

Reading time: < 1 MinuteReal Estate – The Jeddah Provincial Secretariat has signed an investment contract to build the city’s first integrated workers’ housing complex within the Abraq Al-Raghamah Municipality, covering an area of approximately 250,000 square meters and accommodating 17,000 workers. in accordance with established guidelines to prevent the spread of the coronavirus. It will include all the services residents need, and the project is environmentally friendly through the use of solar energy. … Read more

Mohammed Al-Babtain: Correcting the Course of the Real Estate Market Through a Real Estate Transaction Tax

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Real Estate - Surveys - Muhammad Al-Babtain

Reading time: < 1 MinuteReal estate purchases will be based on housing needs or investment. Real estate expert Mohammed Al-Babtain (Al-Babtain Real Estate Office) emphasized that the enactment of the real estate transaction tax, amounting to (5%) of the value of the property sold will stimulate the real estate market with reasonable and logical prices, away from speculation and the flipping of properties on the market. He explained that the tax will limit repeated sales that drive up prices, and it will … Read more

November 19 is the date for the demolition of properties for the King Salman Park project

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Demolition of real estate King Salman

Reading time: < 1 MinuteThe Royal Commission for Riyadh City announced that November 19 is the date set for the commencement of service disconnections and the demolition of properties located in the King Abdulaziz and Salah al-Din al-Ayyubi neighborhoods, in preparation for the implementation of the King Salman Park project, and called on the owners of these properties to vacate them promptly.

Minister of Housing inaugurates comprehensive “Sakany” center in Jeddah and Al-Khobar governorates and reveals the ministry's achievement figures

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Minister of Housing inaugurates residential center in Jeddah - Residential Land

Reading time: < 1 MinuteMajid bin Abdullah Al-Hogail, Minister of Housing and Acting Minister of Municipal and Rural Affairs, revealed during the inauguration of the “Sakani” Comprehensive Center in both the Jeddah and Al-Khobar governorates, that the total number of beneficiaries from 2018 through the end of last September exceeded 742,000 households, including approximately 264,000 households that have moved into their homes, In addition, 85 projects are currently under construction in partnership with … Read more

Isa Al-Isa writes: Real Estate … After the «Real Estate Transactions» Tax»

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Reading time: 2 MinutesGenerous royal decrees were recently issued exempting real estate from value-added tax and imposing a separate tax on it called the «Real Estate Transactions Tax.» Here are its key features:  The tax amounts to only 5% of the property’s value instead of 15%, and this tax is non-refundable—meaning it becomes a fixed cost associated with the property—which reduces real estate speculation over time. It is… Read more

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