Month: March 2024

22,000 families have benefited from the housing program and more than 16,000 have occupied their first home since the beginning of 2024

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Residential program

Reading time: < 1 MinuteThe Sakani Program announced that 21,877 Saudi families have benefited from the program since the beginning of the year, while 16,144 Saudi families have moved into their first homes, as part of ongoing efforts to provide a range of housing products and diverse financing solutions that contribute to achieving the goals of the Housing Program—one of the programs under the Kingdom’s Vision 2030 – by increasing homeownership rates among Saudi families … Read more

“National Housing announces the construction of a main power station in Jeddah's Al Sudan community

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National Housing Company Jeddah Community

Reading time: < 1 MinuteThe National Housing Company (NHC) announced the start of construction on a main substation in the Al-Sadan community in Jeddah, which it recently launched in the Jeddah Governorate under the supervision of the Saudi Electricity Company, with the aim of providing electricity service and ensuring the optimal operation of the community’s electrical system. The main substation is a high-voltage facility with a rated capacity of 134 MVA, and the project includes connecting the substation to the power grid … Read more

Diriyah Gate Development Authority begins paying expropriation compensation in 3 neighborhoods

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Diriyah Gate Development Authority

Reading time: < 1 MinuteThe Diriyah Gate Development Authority announced the start of the final phase of the process for disbursing compensation to property owners whose properties were expropriated in parts of the neighborhoods of (Al-Khuzami, Al-Nakheel, and Arqa), in accordance with the guidelines issued in this regard and in line with the evacuation plans communicated to property owners and their representatives. In a statement, the Authority called on all property owners to take the initiative … Read more

Wealthy people from 9 countries want to own real estate in Saudi Arabia And Mecca is at the top

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One of the tunnels in Makkah

Reading time: < 1 MinuteKnight Frank conducted a survey of 506 high-net-worth individuals from nine Muslim-majority countries regarding property ownership in the Kingdom, with a particular focus on the two holy cities of Mecca and Medina. The survey results revealed that 82% of high-net-worth international buyers are keen to own Saudi real estate, and 73% of those who wish to… Read more

Learn about the regulations for qualifying off-plan sales or leasing activities

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Reading time: < 1 MinuteThe General Real Estate Authority has released a draft of the executive regulations for the system governing the sale and lease of off-plan real estate projects, as well as draft guidelines for calculating security deposits and for the qualification of industry practitioners, via the “Istislaal,” with the aim of enabling the public, government agencies, and the private sector to provide their views and comments on them prior to their approval, in accordance with Article 28 of the Regulation on the Sale and Lease of Off-Plan Real Estate Projects issued by a decision of the Council of Ministers … Read more

Saudi Arabia prepares to join Guinness World Records with the world's largest concrete formwork

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The World's Largest Concrete Pour

Reading time: < 1 MinuteSaudi Arabia is set to enter the Guinness World Records after the city of Riyadh witnessed a new global achievement last Saturday, with the completion of the world’s largest continuous concrete pour, covering an area of over 70,000 cubic meters. The massive concrete pour is part of the Kahil residential project in the Sidra neighborhood, which was completed by Mohammed Al-Habib Real Estate Company … Read more

250 billion dollars worth of contracts for infrastructure projects in Saudi Arabia in a year

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Saudi Arabia Foreign Investment

Reading time: < 1 MinuteIn its latest report, Knight Frank revealed that the Kingdom has awarded approximately $250 billion in construction contracts for infrastructure and real estate projects over the past 12 months, with a total value of approximately $1.3 trillion, which have been announced since 2016. The report noted that there is a sense of growing momentum as Saudi Arabia races toward … Read more

In detail... Draft executive regulations for the off-plan sale and lease of real estate projects

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Off-plan sales projects - Real estate transactions

Reading time: < 1 MinuteThe General Real Estate Authority has released a draft of the executive regulations for the system governing the sale and lease of off-plan real estate projects, as well as draft guidelines for calculating security deposits and for the qualification of industry practitioners, via the “Istislaal,” with the aim of enabling the public, government agencies, and the private sector to provide their views and comments on them prior to their approval, in accordance with Article 28 of the Regulation on the Sale and Lease of Off-Plan Real Estate Projects issued by a decision of the Council of Ministers … Read more

Real Estate Authority releases draft executive regulations for the sale and lease of off-plan real estate projects

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Off-plan Real Estate Projects Real Estate Contributions

Reading time: 2 MinutesThe General Real Estate Authority has released a draft of the executive regulations for the system governing the sale and lease of off-plan real estate projects, as well as draft guidelines for calculating security deposits and for the qualification of industry practitioners, via the “Istislaal,” with the aim of enabling the public, government agencies, and the private sector to provide their views and comments on them prior to their approval, in accordance with Article 28 of the Regulation on the Sale and Lease of Off-Plan Real Estate Projects issued by a decision of the Council of Ministers … Read more

Infographic: Real Estate Authority conducts 31 rounds of compliance inspections in February

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Reading time: 2 MinutesIn February of this year, the General Real Estate Authority, in collaboration with the Ministry of Interior and the Ministry of Human Resources and Social Development, conducted 31 inspection tours targeting 8,354 real estate establishments, including: the Riyadh, Eastern, and Makkah regions, with the aim of ensuring compliance with real estate legislation in general and the real estate brokerage system in particular, in addition to matters falling under the jurisdiction of government agencies … Read more

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