Month: June 2023

What are the steps to apply for the housing subsidy program?

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Steps to apply for housing subsidy programs

Reading time: < 1 MinuteApplying for the housing subsidy program is the means provided by the Ministry of Municipal and Rural Affairs and Housing to provide new housing units at new prices, renovate existing properties, or even refurnish their housing units with new furniture. The housing subsidy program aims to provide citizens with decent, humane housing, and is worth up to 100,000 Saudi riyals in a non-refundable... Read more

Saudi Authority for Certified Valuers (SACV) organizes a meeting on reporting for real estate investment funds

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Saudi Commission for Certified Valuers

Reading time: < 1 MinuteThe Saudi Commission for Accredited Valuers (Taqeem) announced that it will organize a remote professional meeting next Thursday, June 15, 2023. The meeting, which will be attended by Sameh Zeidan, a consultant at the Authority, will clarify the most important regulatory and professional requirements for the preparation of reports related to real estate investment funds (REITs). The Saudi Commission for Certified Valuers is a body that specializes in the valuation profession in the Kingdom of Saudi Arabia, ... Read more

11.30 thousand inspection tours in May to crack down on commercial concealment

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Commercial Nessner

Reading time: < 1 MinuteDuring May 2023, the National Program to Combat Commercial Concealment organized more than 11.30 thousand inspection visits to verify the compliance of commercial establishments with the approved market rules and control crimes and violations of the anti-coverage system in various regions of the Kingdom, where the tours included 9089 directed inspection visits, 2027 scheduled visits for specific sectors, and 231 visits based on reports of suspicion of cover-up.

Real Estate Transaction Value Index rises in May by 25.6% from April

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Real Estate Brokerage Compliance

Reading time: < 1 MinuteMinistry of Justice data revealed that the value of residential real estate transactions for May 2023 decreased by 32.4% compared to the same period last year, reaching 3.1 billion riyals, while commercial transactions decreased by 8.7% to record 6.2 billion riyals, while the real estate index of the value of real estate transactions in May increased by 25.6% from last April

Agreement with a U.S. organization to provide housing solutions in accordance with mortgage regulations and conditions

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Saudi Mortgage Refinancing

Reading time: < 1 MinuteSaudi Mortgage Refinance Company (SMRC), a wholly-owned subsidiary of the Public Investment Fund (PIF), has announced a cooperation and experience sharing agreement with the U.S. Department of Housing and Urban Development's National Mortgage Association (NMA) and Ginnie Mae. The agreement aims to share best practices and experiences within the framework of the policies, regulations and conditions of mortgage financing that regulate the work.

100,000 people have benefited from the online construction update service

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Electronic Construction Stages Data Update Service

Reading time: < 1 MinuteThe Real Estate Development Fund (REF) has provided the service of updating the electronic construction stages data for the beneficiaries of the self-construction product who have completed 3 years from the date of signing the financing contract, or starting construction within a period not exceeding one year from the date of housing support, and completing it within a period not exceeding three years

“Real Estate Fund” calls on 47 thousand beneficiaries to finish updating the construction stages before the end of this month

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Updating the construction phases of homes

Reading time: 2 MinutesThe Real Estate Development Fund (REF) has called on more than 47,000 beneficiaries to expedite the updating of the construction stages of their homes and prove that they have started within the three-year time limit, as stipulated in the financing contracts and the housing subsidy regulation, before the end of June.

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