Month: January 2024

Buying a real estate finance portfolio worth 5.8 billion riyals

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Saudi Mortgage Refinancing

Reading time: 2 MinutesThe Saudi Real Estate Refinance Company (SRC), wholly owned by the Public Investment Fund (PIF), has signed a new agreement to purchase a real estate finance portfolio worth 5.8 billion riyals with Al Rajhi Bank. The agreement comes as the fourth agreement signed between SRC and Al Rajhi Bank and the largest of its kind in the banking sector in the Kingdom, as the volume of agreements reached ... Read more

Number of Saudi private sector workers rose to 10.9 million last month

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Reading time: < 1 MinuteThe National Labor Observatory (NLO) issued a detailed publication of the Saudi labor market figures in the private sector for the month of December (2023), reviewing the total number of male and female nationals and residents, in addition to the net job growth of nationals during the same period, and the numbers of new and first-time entrants in the private sector. The report showed an increase in the total number of workers in the private sector, which amounted to ... Read more

AED 5.8 billion worth of real estate transactions in Dubai last week

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Dubai - Real Estate Deals and Sales 

Reading time: < 1 MinuteThe value of real estate transactions in the Dubai Land Department recorded more than AED 5.8 billion during last week's transactions. The Department indicated that 1721 sales worth AED 4.49 billion were recorded, including 114 land sales worth AED 1.36 billion and 1183 sales of apartments and villas worth AED 3.13 billion. It pointed out that the most important land sales worth 268.33 million ... Read more

Saudi Arabia's real estate sector is set for a major rebound in 2023 Factors and reasons

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Private Sector - Saudi Economy - Construction Contracts in Saudi Arabia

Reading time: 2 MinutesThe real estate sector in Saudi Arabia witnessed a remarkable development during 2023, as real estate prices rose in various regions and the demand to buy real estate, whether for housing or investment, increased. In a continuous effort to improve the business environment and encourage investment, the Kingdom launched several legislations and reforms throughout 2023 to facilitate procedures and provide incentives for investors. These steps have also contributed ... Read more

Text... 30 articles governing the off-plan real estate sales and leasing system

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Off-plan sales

Reading time: 8 MinutesThe Umm Al-Qura newspaper published in its Friday issue the regulation on the sale and leasing of real estate projects on the map, which was approved by the Council of Ministers last September. According to the regulation, the provisions of the system apply to the activity of selling and leasing real estate projects on the map, in which payments are received from buyers, tenants, or financiers of the real estate project, and the activity of selling and leasing ... Read more

In detail... Texts of the Articles of the Executive Regulations of the Contractor Classification System

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Who is a real estate developer?

Reading time: 4 MinutesMajid bin Abdullah Al-Hogail, Minister of Municipal and Rural Affairs and Housing, approved the amendment of the executive regulation of the Contractor Classification System, replacing the executive regulation of the Contractor Classification System, issued on 9 Rabi'II 1443 AH. In the following lines, we review the text of the Executive Regulation of the Contractor Classification System, which was approved by Al-Haqeel. Executive Regulations of the Contractor Classification System Article One: The terms ... Read more

Al-Haqeel approves amendments to the executive regulations of the Contractor Classification System

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Building license via Baladi platform

Reading time: < 1 MinuteMajid bin Abdullah Al-Hogail, Minister of Municipal and Rural Affairs and Housing, approved amending the executive regulations of the Contractor Classification System, replacing the executive regulations of the Contractor Classification System, issued on 9 Rabi'II 1443 AH. The classification certificate is issued electronically, and project owners must verify the validity of the submitted certificate through the ministry's website, according to the new regulation published by the ... Read more

Real estate stock exchange: Residential sector to account for more than half of real estate transactions in 2023

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Real Estate Registration - Land Registry

Reading time: 2 MinutesReal estate exchange data showed that the residential real estate sector accounted for more than half of the real estate deals that took place in Saudi Arabia last year 2023. The data also revealed that the residential sector recorded real estate deals worth 62.1 billion riyals, equivalent to 50.2% of the total value of the deals witnessed by the Kingdom in 2023, followed by the commercial sector with deals estimated at ... Read more

Municipality issues 200 certificates of compliance for buildings

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Makkah Real Estate

Reading time: < 1 MinuteThe Municipality of the Holy Capital has issued (200) compliance certificates in a number of locations and neighborhoods in Makkah, after the Municipality recently launched an initiative titled “Together Towards Compliance” to urge citizens to quickly issue a building compliance certificate before the end of the corrective period. The Municipality noted that the corrective deadline for addressing violations expires on February 16, and noted that the corrective deadline for addressing violations ... Read more

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