The Cabinet\u2019s approval yesterday of a number of regulations related to the organization of the rental sector in the Kingdom and the strengthening of confidence in it was met with widespread satisfaction in the real estate sector, Housing Minister Majid bin Abdullah Al-Hogail praised the move, noting that it is an extension of the unlimited support and continuous attention provided by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, his trusted Crown Prince, and the Deputy Crown Prince \u2014may God protect them\u2014for the housing sector and its regulation and development in the service of the nation and its citizens.<\/p>\n
The Rental Sector... Half of the Real Estate Sector<\/strong><\/span><\/p>\n In a statement yesterday following the Cabinet\u2019s decision to regulate the residential rental market, the Minister of Housing emphasized: that the regulations approved at yesterday\u2019s Cabinet meeting will help regulate the rental sector in the Kingdom, noting that the rental sector accounts for about half of the real estate sector, which necessitates the establishment of specific regulations and controls aimed at developing the Kingdom\u2019s housing and real estate sector in a balanced manner, by finding sustainable solutions to its challenges and helping to safeguard the rights of all parties involved in the rental process, while ensuring the highest levels of trust and security among parties in this field and protecting their rights.<\/p>\n The Ijar Program operates alongside ongoing efforts aimed at fulfilling the aspirations of the rulers and citizens, in line with the Ministry of Housing\u2019s goal of supporting supply, stimulating demand, and realizing its vision of organizing and facilitating a balanced and sustainable housing environment, improving the performance of the real estate sector, and increasing its contribution to GDP, in line with the National Transformation Program 2020 and Saudi Vision 2030.<\/p>\n Regulations to Ensure Contract Reliability<\/strong><\/span><\/p>\n On the same topic, the General Supervisor of the Rental Sector Regulation, Eng. Muhammad bin Salih Al-Bati, emphasized that the regulations issued by the Council of Ministers are of the utmost importance to the Kingdom\u2019s rental sector, noting that they reduce potential disputes, as they ensure the necessary reliability of contracts and naturally prevent the courts from being burdened with disputes and cases stemming from basic errors in lease agreements\u2014such as the accuracy of the contracting parties\u2019 information, the validity of the property title deed, and issues related to agency agreements and legal instruments. He noted that a large proportion of real estate cases involve rental disputes, Regarding the fee for notarization, Al-Bati explained that notarization services will be charged based on the method of payment, such as electronic payment and other options, emphasizing that the Ministry of Housing aims to regulate all financial transactions in the rental market through a payment system for the entire housing sector.<\/p>\n Curbing Fake Lease Agreements<\/strong><\/span><\/p>\n The regulations stipulate that a lease agreement not registered in the electronic network shall not be considered a valid agreement with administrative and judicial effects, and that the Ministries of Justice and Housing shall establish the conditions and requirements that must be met in the agreement, so that it may be considered registered in the electronic network, as well as the circumstances under which this is possible, including cases where one of the contracting parties refuses to register it. The regulations also stipulate that government agencies requiring a lease agreement to provide a service must use the \u201dIjar\u201d network to verify the agreement\u2014such as public schools that require citizens to prove residency within the school\u2019s catchment area for a student to be admitted\u2014 Proof of lease agreements for tenants will be provided exclusively through the system and not through traditional contracts or those not registered in the system, which will help curb fictitious lease agreements.\u201d.<\/p>\n Housing Management Program<\/strong><\/span><\/p>\n The new regulations require a lease agreement registered on the \u201cEjar\u201d network for the Ministry of Labor and Social Development to issue or renew work permits for non-Saudis, provided that coordination takes place with the Ministry of Housing to agree on the necessary mechanism for this, and to identify the relevant professions, as this collaboration between the Ministry of Housing and the Ministry of Labor and Social Development will contribute to the regulation of housing for residents.<\/p>\n The \u201cIjar\u201d program aims to formalize contracts and protect the rights of all parties involved in the leasing process, draft standardized lease agreements that meet the needs of beneficiaries and have them approved as enforceable instruments, accrediting and licensing real estate brokerage firms; establishing regulatory and supervisory policies and procedures for their operations after providing them with the necessary training and accreditation; and reducing the number of pending cases related to leasing.<\/p>\n \u00a0<\/strong><\/p>","protected":false},"excerpt":{"rendered":" Reading time: <\/span> 2<\/span> Minutes<\/span><\/span>The Cabinet\u2019s approval yesterday of a number of regulations aimed at organizing the Kingdom\u2019s rental sector and bolstering confidence in it was met with widespread satisfaction in the real estate sector, Housing Minister Majed bin Abdullah Al-Hogail praised the move, noting that it is an extension of the unlimited support and continuous attention provided by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, and his trusted Crown Prince, \u2026 Read 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