Month: August 2024

In detail. Adopting the rules governing the provision of real estate appraisal services to financing entities

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Saudi Commission for Certified Valuers

Reading time: 2 MinutesThe Saudi Authority for Certified Appraisers has adopted rules governing the provision of real estate appraisal services to financial institutions. These rules aim to regulate the provision of real estate appraisal services to financial institutions by establishing the necessary provisions, controls, and requirements. The requirements for registering a real estate appraisal firm include the certified appraiser and the appraisal firm complying with all the provisions and rules governing the profession. In addition, the certified appraiser must obtain … Read more

Sports Ministry launches investment opportunity to build, operate and maintain a hotel project

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Reading time: < 1 MinuteThe Ministry of Sports announced the launch of an investment tender via the “Fursat” platform for the construction, operation, and maintenance of two hotels in King Abdullah Sports City in Jeddah. The ministry said in an infographic posted on its “X” social media account that the project covers an area of 15,900 square meters, with a contract term of 35 years, according to details announced by the Ministry of Sports today. It clarified that … Read more

Documents required to obtain a mortgage from the Residential Program

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Reading time: < 1 MinuteTo apply for a mortgage through the Sakani program, you must prepare a set of essential documents that verify your identity and financial eligibility. Here is the complete list of required documents: A valid copy of your national ID card: The copy must be clear and up-to-date. Children’s birth certificates: If the applicant is married and has children, copies of their birth certificates must be submitted. … Read more

SAR 3.25 billion in Banan sales since its launch in May

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National Housing and Talaat Moustafa break ground in Banan City

Reading time: 2 MinutesTalaat Moustafa Group revealed that its “Banan” project in Saudi Arabia has generated sales of approximately 42 billion Egyptian pounds ($870 million or 3.25 billion riyals) since its launch last May. The group said in a financial disclosure to the Egyptian Stock Exchange that sales for the “Banan” project exceeded the first-year sales target. Last May, the National Housing Company (NHC) and the group… Read more

Ministry of Commerce announces the victory of 9 candidates in the Riyadh Chamber elections

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Riyadh Chamber

Reading time: < 1 MinuteThe Supervisory Committee for the Election of Members of the Board of Directors of the Riyadh Chamber of Commerce for the 19th Term (1446–1450 AH), announced the election results following the conclusion of voting this Thursday evening for all voters who had attempted to vote during the previous period but were unable to do so via the electronic voting system. Following a recount, the election results showed that nine candidates had won, namely: … Read more

Conditions for obtaining a mortgage from the Residential Program

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Residential program

Reading time: < 1 MinuteThe “Sakani” program, run by the Ministry of Municipalities and Housing in collaboration with the Real Estate Development Fund, provides real estate financing under specific terms designed to facilitate home ownership and ensure eligibility for beneficiaries. The program offers subsidized mortgages, which provide beneficiaries with interest-subsidized loans to purchase or build their homes. The Ministry covers a portion of the interest charged on the loans to ease the financial burden on citizens. It also offers products … Read more

SAR 5.3 billion in real estate financing provided by banks to individuals in June

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Saudi Central Bank

Reading time: < 1 MinuteData from the Saudi Central Bank (SAMA) revealed a 31% decline in the volume of residential mortgage financing provided by banks to individuals in the Kingdom, amounting to 2.3 billion riyals in June compared to the previous month. The data showed that the volume of this financing fell to 5.3 billion riyals in June 2024, compared to 7.7 billion riyals recorded in the month of … Read more

Statistics: Real estate prices rise by 1.7% in the second quarter of 2024

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General Authority for Statistics - Residential Rental Prices

Reading time: < 1 MinuteThe General Real Estate Price Index bulletin showed a 1.7% increase in the second quarter of 2024 compared to the same quarter of the previous year; this increase is attributed to a 2.8% rise in residential real estate prices. This is according to a report published today by the General Authority for Statistics. The report’s findings indicated a 2.8% increase in residential land prices, based on … Read more

Steps for licensing real estate contributions and the conditions for offering and marketing them

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Real Estate Registration Authority Logo

Reading time: 2 MinutesThe General Real Estate Authority, under the patronage and in the presence of His Excellency the Minister of Municipal, Rural Affairs, and Housing and Chairman of the Authority’s Board of Directors, Mr. Majid bin Abdullah Al-Hogail, and His Excellency Mr. Mohammed bin Abdullah Al-Qweiz, Chairman of the Capital Market Authority, last March, a new electronic platform for receiving applications for qualification and licensing of real estate contributions. The Authority explained that the platform will enable developers to obtain licenses … Read more

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