Month: October 2023

Real Estate Articles Real Estate Articles Vision 2030 and the future of real estate development in Saudi Arabia

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Hani Khashoggi - Foreign Ownership - 95th National Day

Reading time: 2 MinutesReal Estate Articles… Property Articles… Vision 2030 and the Future of Real Estate Development in the Kingdom by Hani Khashoggi Under the umbrella of Vision 2030, many sectors have received exceptional support from the state, as part of several promises previously set forth by the Vision to reshape the Kingdom’s capabilities and leverage the comparative advantages of each region, with the aim of creating a modern and prosperous nation grounded in strong and well-established principles and poised to reach new horizons… Read more

Al-Haqeel hands over a number of units to beneficiaries of “Developmental Housing” in Madinah

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Al-Haqeel hands over a number of units to beneficiaries of developmental housing in Madinah

Reading time: < 1 MinuteHis Excellency Majid bin Abdullah Al-Hogail, Minister of Municipal, Rural Affairs, and Housing, recently handed over a number of housing units to beneficiaries of the Developmental Housing Program in the Madinah region, as part of his inspection visit to several development projects in the area. His Excellency witnessed the signing of a tripartite partnership agreement between the Ministry, the Private Developmental Housing Foundation, and the Madinah Charity Warehouse Association to allocate and provide 1,000 housing units … Read more

Statistics: Saudi Arabia's real estate price index rises in the third quarter of 2023

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General Authority for Statistics - Residential Rental Prices

Reading time: < 1 MinuteIn its latest report, the General Authority for Statistics revealed that the General Real Estate Price Index in the Kingdom of Saudi Arabia rose by 0.7% during the third quarter of 2023 on a year-over-year basis. Rise in Residential Land Prices The Authority stated in its report that the rise in the Kingdom’s real estate price index in the third quarter of 2023 was influenced by rising prices of … Read more

Saudi Contractors Authority signs memorandum of understanding with Turkish Contractors Federation

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Saudi Contractors Authority - Contracting Industry

Reading time: < 1 MinuteThe Saudi Contractors Authority signed a memorandum of understanding with the Turkish Contractors’ Union in Ankara, in the presence of the Chairman of the Saudi Contractors Authority, Engineer Zakaria bin Abdulrahman Al-Abdulqadir, as part of the Authority’s efforts to strengthen international cooperation. Facilitating Cooperation and the Exchange of Expertise: The memorandum of understanding aims to strengthen close ties between the Saudi Contractors Authority and the Turkish Contractors’ Union, and to facilitate cooperation and the exchange of expertise among companies … Read more

Public Authority for Real Estate: Implementation of the city's real estate registry is part of the operational plan

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Off-plan Real Estate Projects Real Estate Contributions

Reading time: 2 MinutesIn the presence of His Royal Highness Prince Faisal bin Salman bin Abdulaziz, Governor of the Madinah Region, and His Excellency the Minister of Municipal, Rural Affairs, and Housing, Mr. Majid bin Abdullah Al-Hogail, Chairman of the Board of Directors of the General Real Estate Authority, the General Real Estate Authority announced the implementation of real estate registration “Real Estate Registry” in the Madinah region, in accordance with the operational plan prepared for this purpose, whereby … Read more

CEO of the Real Estate Registry: We are working to create a registry that preserves real estate rights

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President of the Real Estate Registry Dr. Mohammed Al-Suleiman

Reading time: < 1 MinuteDr. Muhammad Al-Suleiman, CEO of the National Company for Real Estate Registration Services (“Al-Sijil Al-Aqari”), affirmed that “Al-Sijil Al-Aqari” is working to establish an advanced real estate registry that safeguards real estate rights, and provides a sustainable real estate environment and an effective system for the Kingdom’s real estate sector. He highlighted the company’s pioneering role in providing the best services and support to citizens and investors in Madinah and throughout the Kingdom in a … Read more

Medina Chamber discusses VAT refund procedures for real estate developers

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Medina Chamber

Reading time: < 1 MinuteThe Madinah Chamber of Commerce and Industry organized a workshop today titled “VAT Refund Procedures for Real Estate Developers,” in collaboration with the Zakat, Tax, and Customs Authority and the Council of Saudi Chambers. The workshop, presented by Saud Fadaq, a senior refund auditor at the Zakat Authority, covered the refund procedures, the most common mistakes made during the audit process, and the steps for submitting a refund request through the portal, … Read more

Emir of Madinah launches real estate registration

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Real estate registration launched in Madinah

Reading time: < 1 MinuteHis Royal Highness Prince Faisal bin Salman bin Abdulaziz, Governor of the Madinah Region, met with His Excellency the Minister of Municipal, Rural Affairs, and Housing, Mr. Majid bin Abdullah Al-Hogail, in the presence of His Excellency the Regional Secretary, Engineer Fahd bin Muhammad Al-Baleishi. During the reception, His Highness the Governor of the Madinah Region launched the real estate registration process, which is being implemented in cooperation with … Read more

“National Housing launches Mayar, Sama and Johara projects in Al Fursan neighborhood

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Al Fursan suburb

Reading time: < 1 MinuteThe National Housing Company announced the launch of three new projects in October of this year in the Al-Fursan suburb, located in the northeast of the capital, Riyadh, as part of the company’s plans and goals to provide high-quality housing options and add more residential units in Riyadh and various regions of the Kingdom. The “Miyar” project is located in the first phase of the suburb and covers an area of more than 99,000 … Read more

What are the main violations of the Real Estate Brokerage Law?

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Riyadh - Business - Localization of real estate activities and professions

Reading time: < 1 MinuteThe most prominent violations of the real estate brokerage system include failure to comply with the mandatory forms and contracts for real estate services and activities; failure to file or register brokerage contracts or real estate transactions conducted on the electronic platform; Failure to allow those responsible for supervision, inspection, and enforcement to perform their duties, or obstructing them from carrying out their tasks. Disclosure by the broker of confidential information regarding the transactions being brokered. Committing an act or failing to act in a manner that … Read more

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