{"id":14432,"date":"2017-01-22T17:39:03","date_gmt":"2017-01-22T14:39:03","guid":{"rendered":"http:\/\/www.amlak.net.sa\/?p=14432"},"modified":"2017-01-22T17:39:03","modified_gmt":"2017-01-22T14:39:03","slug":"%d8%a3%d9%86%d9%87%d8%aa-%d8%a5%d8%b9%d8%af%d8%a7%d8%af%d9%87-%d9%87%d9%8a%d8%a6%d8%a9-%d8%a7%d9%84%d8%ae%d8%a8%d8%b1%d8%a7%d8%a1-%d8%aa%d8%b1%d9%81%d8%b9-%d8%a7%d9%84%d8%aa%d9%86%d8%b8%d9%8a%d9%85","status":"publish","type":"post","link":"https:\/\/amlak.net.sa\/en\/14432\/","title":{"rendered":"Commission of Experts submits the organization of the Supreme Real Estate Authority to the Council of Ministers soon"},"content":{"rendered":"

\u00a0<\/strong>The Experts Authority revealed that it is in the process of referring the organization of the Supreme Real Estate Authority to the Council of Ministers for approval, after it completed its preparation, and according to sources, the authority expected to start working in the next six months.<\/p>\n

The Supreme Real Estate Authority explained that it seeks to unify tasks to prevent duplication that occurs between the authorities related to the same activity, and reorganize the market in a balanced manner, indicating that it will work to control the rise and fall of prices in a studied manner based on real estate indicators, instead of the activity being practiced chaotically and monopolistically, thus creating a fair competitive environment in the market, which works to stimulate and attract investments; in addition, it enacts regulations and laws that limit monopoly, and license all real estate activities, such as brokerage, opening offices, real estate companies, urban development companies, and real estate.<\/p>\n

Inventory of all real estate activities<\/strong><\/span><\/p>\n

In this regard, a high-level source at the authority explained that it is working to inventory all real estate activities in the market, which the various authorities have, to identify the gap, and will play a number of important roles such as supervision, regulation, and control with the aim of increasing the contribution of real estate activity to the GDP, and will raise the quality level of services provided to the citizen, in addition to coordinating with other authorities in holding conferences and developing real estate indicators. He pointed out that there is coordination between the Authority and the Ministry of Housing with regard to all policies, procedures and regulations related to the real estate sector, the rights of tenants and owners, and the development of land for real estate projects.<\/p>\n

A new strategy for measuring market performance<\/strong><\/span><\/p>\n

The source explained that a new strategy will be developed to measure the level of market performance, define the scope of work to know the direction of the market, and define the features of the strategic direction of the authority, to regulate the sector in order to achieve sustainability and stability for the sector, in conjunction with the establishment phase once the approval is issued to determine the requirements of the market, and the role played by the authority in the market, inventory the systems, and analyze the gap in the current systems and the future hope.<\/p>\n

The effectiveness of the system and the most important obstacles to its implementation will also be examined, and the authority will benefit from applying the best international experiences in establishing real estate authorities, such as the European, Japanese, Singaporean or Australian pioneering experience.<\/p>\n

Responsibilities and Objectives of the Authority <\/strong><\/span><\/p>\n

In the same direction, Abdullah Al-Ahmari, Chairman of the Real Estate Valuation Committee at the Jeddah Chamber, expected that the Council of the Supreme Real Estate Authority will be formed soon, pointing out that the executive and explanatory regulations that will be issued will define the responsibilities and objectives of the authority, as the decision was issued to approve its establishment, calling for its council to be formed from elites with experience in real estate finance, academics, administrators, and legal and legal experts, to play its role in the required form that regulates the real estate market, and to exercise its powers, legislate real estate activity in various activities from offices, urban development companies, real estate contributions, and follow up on indicators.<\/p>\n

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