The real estate unit sorting program recorded a significant increase in the leased areas, exceeding 40% by the third quarter of the current year 2021 compared to the same period in 2020, with an increase of more than 11.3 million m2 in the number of meters leased for real estate units.
The program stated in a press release that the number of real estate units that were sorted exceeded 34,000 units, within the service of sorting real estate and complexes located within a specific geographical area, so that each unit has an independent ownership document and is connected to each other through common parts and facilities such as buildings, villas, and towers, as well as residential or commercial complexes, with the aim of enhancing the regulation of the residential real estate market and raising the percentage of Saudi families\u2019 ownership to 70% by 2030, in accordance with the objectives of the Housing Program (one of the programs of the Kingdom Vision 2030).
The \u201cSorting of Real Estate Units\u201d aims to identify all information about the unit and its share of land within the common properties of the real estate, and the rights of the users; to facilitate and speed up the procedures necessary to issue the title deed, and to unify and organize the procedures within a unified electronic platform to preserve the rights of all beneficiaries within the joint real estate projects, and to reduce the time required to complete the sorting process and improve the efficiency of the procedures.
The program was launched in mid-last year with the \u201cSpecial Service\u201d to reduce the processing time of the screening requests, enable their completion within a standard timeframe, and speed up the data entry procedures from engineering offices to 70%, and improve the quality of the data submitted by the engineering offices. Investors from real estate owners, developers, and engineering offices benefit from this service to sort real estate units into independent securities for sale or investment.
It is reported that \u201csorting real estate units\u201d is one of the initiatives of the Housing Program (one of the programs of the Kingdom Vision 2030), and it sorts buildings and real estate complexes (residential and commercial) into several units, to determine the real estate information and its ratio of land area, common parts of the property, and usage rights in a transparent and clear manner. The service is provided to the beneficiaries (the owner and developer) after verifying and approving the request and a copy of the sorting report is sent to the notary to authorize it to issue ownership documents to the beneficiary.<\/p>","protected":false},"excerpt":{"rendered":"
Reading time: <\/span> < 1<\/span> Minute<\/span><\/span>The real estate units sorting program recorded a remarkable increase in the sorted areas by more than 40% until the third quarter of this year 2021 AD compared to the same period in 2020 AD, with an increase of more than 11.3 million m2 in the number of meters sorted for real estate units.The program explained in a press release that the number of real estate units that were sorted exceeded 34 thousand units, within ... 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