Month: June 2021

Real Estate Refinance Company's financing portfolio rises to 6.5 billion riyals

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Real Estate Finance - Saudi Real Estate Refinance Company

Reading time: < 1 MinuteThe Saudi Real Estate Refinancing Company reported that its real estate financing portfolio had increased from 2.2 billion riyals at the end of 2019 to 6.5 billion riyals by the end of 2020, noting that it had purchased real estate financing portfolios from local banks and finance companies. The company, which is wholly owned by the Public Investment Fund, announced a reduction in the profit rate for long-term real estate financing by a fixed percentage averaging 10 … Read more

Diriyah Gate Development Authority begins expropriation procedures for Al Khozama, Al Nakheel and Arqa properties

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Diriyah Gate Real Estate

Reading time: 2 MinutesThe Diriyah Gate Development Authority announced yesterday, Friday, June 25, that it has begun expropriation proceedings against property owners in certain neighborhoods of Riyadh in connection with its projects to develop the Diriyah area. The expropriation decision covers the neighborhoods of Al-Khuzami, Al-Nakhil, and Arqa, In its announcement, the Authority noted that the expropriation project in Al-Khuzami neighborhood follows a series of various development and growth projects and plans … Read more

Real Estate Units Sorting Program launches “Premium Service” to regulate the relationship between owners and preserve rights

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Sorting Real Estate Units - Real Estate

Reading time: < 1 MinuteThe Real Estate Unit Classification Program has launched the “Premium Service” as part of the services it offers, with the aim of regulating the relationship between property owners, safeguarding their rights, and ensuring optimal use of properties. The program explained that the service is an additional option for interested property owners, investors, developers, and engineering firms to expedite the processing time for sorting requests by establishing a special mechanism for handling these requests and processing them in a manner… Read more

Real Estate Fund deposits more than 724 million riyals into citizens' accounts in June

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Rising real estate prices

Reading time: < 1 MinuteThe Real Estate Development Fund deposited more than 724 million riyals today, Thursday, into the accounts of citizens who are beneficiaries of the “Sakani” program, administered by the Ministry of Municipal, Rural Affairs and Housing and the Real Estate Development Fund, for the month of June 2021. Mansour bin Madi, CEO of the Fund, explained that the total subsidy for June exceeded 724 million riyals, allocated entirely to support the profits from mortgage loan contracts for beneficiaries … Read more

55 thousand families benefited from the subsidized mortgage loan to buy “ready-made units”

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Steps to apply for the Residential Program

Reading time: < 1 MinuteThe Housing Program revealed that the number of households benefiting from the subsidized mortgage options for purchasing “ready-to-move-in units” and ”units under construction” reached 55,000 from the beginning of 2021 through the end of May, of which 44,710 families benefited from the subsidized loan to purchase ready-to-move-in units as part of the program’s efforts to facilitate home ownership for citizens and enable them to access diverse housing options and financing solutions that suit their needs … Read more

“Itqan Real Estate announces the success of the second video auction with sales close to 200 million riyals

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Mastering Real Estate Auction Sales

Reading time: 2 MinutesReal Estate Auctions – Last night, Wednesday, Itqan Real Estate successfully sold four properties in Riyadh, Jeddah, and Dammam for a total value of over 188,024,933,000 riyals, including VAT and brokerage fees, by utilizing modern technology and a live studio feed of the auctions held in the three cities. The properties sold at today’s auction were as follows: … Read more

Public Authority for Real Estate qualifies 49,000 trainees and conducts 1246 training courses

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3500 illegal real estate ads

Reading time: < 1 MinuteThe Board of Directors of the General Real Estate Authority reviewed initiatives to enhance market transparency and develop a real estate indicators platform, as well as the Authority’s role in building and developing human capacity in the real estate sector through the implementation of 1,246 training courses comprising 44 training modules, which benefited 48,712 trainees as of May 2021. During its fifteenth meeting—held via video conference and chaired by the Minister… Read more

Ghadeer Rashwan writes: Ten principles for successful public-private partnerships

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Ghadeer Rashwan Successful partnerships

Reading time: 2 MinutesPublic-private partnerships are established to achieve the goal of shifting the government’s role from operating infrastructure and public services to focusing on developing policies and strategies for the infrastructure sector and overseeing service providers with the aim of improving them through companies by leveraging the private sector’s administrative and technical expertise and financing capabilities, and involving it in risk-sharing. First: Properly preparing for the partnership Preparation … Read more

«Amlak publishes the rules and conditions for trading real estate funds in the financial market

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Real Estate Fund Trading Conditions

Reading time: 2 MinutesAs soon as the decision to allow the listing of real estate investment trusts (REITs) on the financial market was issued, they were met with significant interest from investors and holders of idle funds, due to their attractive investment features. Capital market regulations require REITs to maintain high levels of transparency and disclosure that exceed those imposed on investment options available in the traditional real estate market, and the funds aim to… Read more

Building Code Ends «Cardboard Villas» Implementation begins in July

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Saudi Building Code

Reading time: 2 MinutesAmid significant media coverage, the Ministry of Municipal, Rural Affairs, and Housing reiterated its commitment to implementing the Saudi Residential Building Code on July 1, 2021, in coordination with relevant authorities to fulfill the set of conditions and requirements, as well as the accompanying implementing regulations and appendices related to building and construction. This announcement was made during a press conference held by the Ministry at midday last Tuesday to announce the procedures for implementing the code… Read more

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