Month: December 2021

“Shura calls on the Real Estate Fund to activate residential rent to own

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Shura Council Discusses VAT - Mortgage Loan

Reading time: < 1 MinuteThe Shura Council Calls for the Release of Mortgages on the Homes of Deceased Individuals The Shura Council has called on the Real Estate Development Fund to adopt the term “residential lease-to-own” when launching a “usufruct ending in ownership” to ensure clarity in naming in accordance with established custom and practice. The the Shura Council urged the Fund to include in its future annual reports details and explanations of issues related to direct loans and the measures taken to address them in order to avoid them in the future, regarding … Read more

Ministry of Justice launches service to verify old heirs' deeds

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Ministry of Justice - Foreclosure

Reading time: < 1 MinuteThe Ministry of Justice has enabled users to verify old certificates of heirship through the Najiz.sa online portal, as part of its efforts to facilitate the process for users and save them time and effort. The Ministry confirmed that the service allows users to verify non-electronic inheritance certificates and match them with an electronic copy through the Najiz portal, noting that the launch of the service … Read more

Itqan Real Estate to Launch the Tayba Model Warehouse Complex for Sale on January 5

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Layout of the Tiba Warehouse

Reading time: 2 MinutesItqan Real Estate announced the date for the public auction to sell the Taiba Model Warehouse Complex in southern Riyadh, scheduled for 4:00 p.m. on Wednesday, 2/6/1443 AH, corresponding to January 5, 2022, at the Burj Rafal Hotel in northern Riyadh, for the sale of the entire project, which has a total area of 1,000,000 square meters and a net area of approximately 600,000 square meters, comprising 107 … Read more

Draft amendments to real estate transaction tax put out for public consultation

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Real Estate Transaction Tax - Real Estate

Reading time: < 1 MinuteThe Zakat, Tax, and Customs Authority has released draft amendments to the executive regulations for the Real Estate Transactions Tax to solicit feedback from the public, the private sector, and government agencies through the “Survey Platform.”  Through these proposed amendments, the Zakat, Tax, and Customs Authority aims to clarify the tax payment deadline for certain transactions, expand the scope of exemptions regarding gifts, and clarify certain important provisions related to … Read more

Ministry of Telecommunications and ROSHN agree to develop smart home and neighborhood applications

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Roshan Real Estate Company Riyadh Neighborhood Project

Reading time: 2 MinutesThe Ministry of Communications and Information Technology signed a memorandum of understanding with Roshen Real Estate Development, a wholly-owned subsidiary of the Public Investment Fund, with the aim of supporting, developing, and leveraging the Kingdom’s digital infrastructure and technologies, stimulate and encourage investment in digital infrastructure and technologies, and support an appropriate legislative and regulatory environment to accelerate digital transformation and the development of integrated residential neighborhoods. The memorandum includes other provisions for cooperation, … Read more

Residential program issues more than 591,000 real estate tax certificates

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Residential Report December 2021

Reading time: < 1 MinuteFrom the program’s inception through the end of last November, the First Home Housing Program issued approximately 591,426 tax certificates for real estate transactions, while more than 210,000 families have been served, including 169,000 families who have moved into their homes, as part of the program’s ongoing efforts to enable Saudi families to own their first home, in line with the housing program’s objectives. A report showed … Read more

Enforcement Center conducts 200 public auctions worth 2.4 billion riyals

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Enforcing Achievements 2

Reading time: < 1 MinuteWith sales exceeding 2.4 billion riyals from the rights of heirs or creditors, the Support and Liquidation Center «Enforcement» by the end of this year, having supervised the organization of more than 200 public auctions, during which more than 2,900 properties were sold in 39 cities and provinces across the Kingdom, since it began operations in September 2020. The types of public auctions supervised by … Read more

19,000 mortgaged properties documented by the Ministry of Justice in 130 days

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Rising real estate prices

Reading time: < 1 MinuteData from the Ministry of Justice showed that the number of mortgaged properties registered by notary offices in the Kingdom has reached approximately 19,000 since the beginning of the current Hijri year (130 days), with residential properties accounting for about 70% of them. Notary offices in the Riyadh region led the number of mortgaged property transactions with 9,403 properties, accounting for 48.5 percent of the total, followed by the Makkah region with 2,980 … Read more

The Shura Council is considering a recommendation calling on the Real Estate Fund to adopt rent-to-own schemes

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Shura Council Discusses VAT - Mortgage Loan

Reading time: < 1 MinutePress reports have noted the Shura Council’s intention to approve three recommendations put forward by the Shura Housing Committee regarding the Real Estate Development Fund, The committee requested that the Fund adopt the term “rental-to-own housing” when offering its “usufruct-to-own” product to ensure clarity in naming in accordance with established custom and practice, and to require the Fund to include in its future annual reports details and clarifications regarding issues related to direct loans … Read more

Basma Real Estate Management succeeds in organizing the Durrat Al Khaleej auction and sales exceed 41 million riyals

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Basma Real Estate Management Company Auction

Reading time: < 1 MinuteThe Durrat Al-Khaleej auction, organized by Basma Real Estate Management at the Golden Hall in the Al-Jusq Complex in Dammam last Wednesday, was a huge success, with sales exceeding 41 million riyals, while 103 bidders registered, representing various sectors including development companies, individual investors, private firms, and leading real estate investors in the Eastern Province. … Read more

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