The Ministry of Justice issued a circular to all its departments stipulating that the Ministry shall grant authorization to citizens of the Gulf Cooperation Council (GCC) states to dispose of the land they own before the expiration of the four-year period specified in Article 3 of the Regulation on Real Estate Ownership by Citizens in Member States of thefor residential and investment purposes, issued by Royal Decree No. (M\/22) dated 3\/4\/1432, even if the owner has not completed construction or has not utilized the property during this period, subject to two conditions: either the owner must provide a reason satisfactory to the Ministry to request permission to dispose of the property, or the owner may be granted permission to dispose of the property no more than three times. (Sale of Real Estate)<\/p>\n
The circular\u2014a copy of which was received by \u201cAmlak Newspaper\u201d\u2014stated that the Ministry of Justice has decided to re-examine the number of times a Gulf citizen with natural status may own real estate for residential purposes, in a manner that fulfills the objective of such ownership, and to review residential real estate holdings under the regulations, given that the number of times ownership may be transferred is limited to three, as well as to address inheritance cases where heirs wish to sell the properties to third parties.<\/p>\n
She noted that a recommendation had been approved to lift certain restrictions on the disposal of residential real estate by citizens of Gulf Cooperation Council (GCC) countries, specifying that the Ministry of Justice, in coordination with the Ministry of Foreign Affairs and the General Authority for Investment, shall study the regulation of real estate ownership by GCC citizens in member states for residential and investment purposes, with the Ministry of Justice responsible for examining this proposal through the relevant committee at the GCC General Secretariat.<\/p>\n
Editor-in-Chief Abdulaziz Al-Essa writes: ... . Will the Public Investment Fund rein in real estate prices?<\/a><\/p>\n Saudi Transport and Logistics Exhibition kicks off on November 4th<\/a><\/p>\n 500 million dollars in VC investments in Saudi Arabia by 2025<\/a><\/p>\n Establishing the Housing Development Endowment Fund in cooperation between the Ministries of Housing and Labor\u00ab<\/a><\/p>\n Ministry of Housing allocates SAR 237 million for the implementation of infrastructure in the \u201cAl Shorouk\u201d plan in Medina<\/a><\/p>\n Minister of Agriculture inaugurates Saudi Agricultural Exhibition 2019 with more than 380 companies in the exhibition halls<\/a><\/p>\n Launching the electronic link for building licenses between \u00abTamamam\u00bb and the Municipality of Madinah<\/a><\/p>\n Ministry of Transportation launches Khumra logistics zone for investment in Jeddah at 3rd Saudi Logistics Conference<\/a><\/p>\n Laden Investment customers sign financing contracts to purchase from Finan Residences<\/a><\/p>\n Banks and finance companies inject SAR 40.7 billion worth of loans since the beginning of the year<\/a><\/p>\n The National Bank for Real Estate Finance exhibition in Jeddah offers under-construction units<\/a><\/p>\n Honored by the Minister of Labor. Bank Al Jazira allocates 10 million riyals to support and finance productive family projects<\/a><\/p>\n Sale of real estate<\/p>","protected":false},"excerpt":{"rendered":" Reading time: <\/span> 2<\/span> Minutes<\/span><\/span>The Ministry of Justice issued a circular to all its departments stipulating that the Ministry shall grant authorization to citizens of the Gulf Cooperation Council (GCC) states to dispose of the land they own before the expiration of the four-year period specified in Article 3 of the Regulation on Real Estate Ownership by Citizens in Member States of thefor residential and investment purposes, issued by Royal Decree No. (M\/22) dated 3\/4\/1432 \u2026 Read more<\/a><\/p>","protected":false},"author":10,"featured_media":19333,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_titles_title":"\u0628\u064a\u0639 \u0639\u0642\u0627\u0631\u0627\u062a .. \u0648\u0632\u0627\u0631\u0629 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of real estate<\/h3>\n