\u00a0 \u00a0\u00a0His Highness Prince Badr bin Mohammed bin Jalawi Al Saud, Governor of Al-Ahsa, presided over the \u201cReal Estate Regulations Forum\u201d last Tuesday evening at the InterContinental Al-Ahsa Hotel. The event was organized by the Al-Ahsa Chamber of Commerce, represented by its Real Estate Committee and the Bar Association, He discussed the challenges posed by the development of the real estate market in the Kingdom and the expected changes following the approval of the real estate regulations, including the need to provide qualified national personnel for the sector and to focus on training and professional development across all related professions.<\/p>\n
Independent High Authority for Real Estate<\/b><\/p>\n
The forum opened with a blessed recitation from the Holy Quran, after which Saleh Al-Afaleq, Chairman of the Board of Directors of the Al-Ahsa Chamber of Commerce and Industry, delivered a speech in which he welcomed His Highness Prince Badr bin Mohammed bin Jalawi Al Saud and noted the Chamber\u2019s intention to organize the forum annually, ,<\/p>\n
Al-Afaleq highlighted the most important demand: the establishment of an independent supreme real estate authority that would serve as a consistent reference point for the sector\u2019s operations, working to develop and monitor the sector\u2019s operating systems in a manner that keeps pace with the needs of the real estate market.<\/p>\n
\u00a0The real estate market is valued at 3.1 trillion riyals\u00a0<\/b><\/p>\n
Engineer Khalid bin Saud Al-Saleh, Vice President of the Al-Ahsa Chamber of Commerce and Industry and Chairman of the Real Estate Committee, then delivered a speech in which he emphasized the strength of the real estate market as a compelling investment opportunity, as the total size of the real estate market in the Kingdom has currently exceeded approximately 1.3 trillion riyals, making it the largest real estate market in the Middle East. The market is expected to reach 1.5 trillion riyals over the next few years, This is particularly due to strong demand from both consumers and investors.<\/p>\n
Real estate investments: $0.46 billion\u00a0<\/b><\/p>\n
Al-Saleh stated that investment and real estate portfolios in the Kingdom are estimated at approximately 50 billion riyals, and, God willing, the real estate market is expected to witness unprecedented activity in terms of investment volume, as the Kingdom\u2019s need for real estate investments has been estimated at 640 billion dollars.<\/p>\n
More than 25 regulations governing the real estate market<\/p>\n
For his part, Dr. Yusuf bin Abdul-Latif Al-Jabr, Chairman of the Chamber\u2019s Lawyers Committee, emphasized in his speech that the state is committed to regulations and laws, including those pertaining to real estate, noting a package of real estate regulations that various ministries helped draft and which have played a significant role in regulating daily life in the Kingdom. Al-Jabr pointed out that there are more than 25 regulations that reflect the government\u2019s commitment to regulating the real estate market.<\/p>\n
Obstacles to Real Estate Registration<\/b><\/p>\n
The session on the development of real estate documentation, chaired by Dr. Khalid Al-Hussain, Dean of the College of Law at King Faisal University in Al-Ahsa, featured a presentation by Dr. Ahmad bin Abdulaziz Al-Amira, a judge at the Supreme Court, who outlined the obstacles facing real estate documentation. These obstacles include confusion regarding final judgments, the dating of neighborhoods, and large tracts of land. The Supreme Court must issue guidelines on this matter and resolve the delays in issuing final judgments caused by the large caseload and protracted proceedings. Therefore, courts should be electronically linked to the government agencies required to be notified, and special divisions should be designated for title deeds pertaining to small properties and endowments, and clarifying the rulings and procedures that ensure property titles and evidence are established in a manner that can be validly invoked and relied upon in the event of a dispute, as well as modern real estate documentation.<\/p>\n
Implementation of the Mortgage System<\/b><\/p>\n
Dr. Omar Al-Khouli, a professor of law at the College of Law at King Abdulaziz University, noted the issuance of the \u00abMortgage Law\u00bb pursuant to a Cabinet decision. This regulation aims to govern the contractual relationship between financial institutions and those seeking financing from them, thereby enhancing creditworthiness by requiring adequate collateral in exchange for financing. .<\/p>\n
At the conclusion of this forum, the Al-Ahsa Chamber of Commerce, represented by its Real Estate Committee and Lawyers\u2019 Committee, expressed its gratitude and appreciation to His Highness Prince Badr bin Jalawi, Governor of Al-Ahsa, for his generous patronage of this forum and his unlimited support, as well as to Their Excellencies and Honors and all participants, including speakers, session moderators, and all guests who attended this forum.<\/p>\n
Recommendations and Observations from the Forum<\/b><\/p>\n
First<\/b>: The Importance of Implementing the Mortgage System and Drafting Its Implementing Regulations.<\/p>\n
Second<\/b>: Simplify the procedures for transferring real estate ownership by developing regulations governing the proof and transfer of ownership in a manner that ensures accuracy and expedites the process.<\/p>\n
Third<\/b>: Work toward establishing a mechanism to ensure the prompt resolution of real estate disputes, including the development of procedural rules for the real estate courts whose establishment has been approved.<\/p>\n
IV: <\/b>Coordination between the Ministries of Justice and Municipal and Rural Affairs on all matters related to real estate.<\/p>\n
V: <\/b>Accelerate the implementation and enforcement of the real estate registration system and recommend that the Supreme Court establish judicial principles regarding real estate.<\/p>\n
Sixth<\/b>: The importance of raising awareness about real estate transactions and their documentation, and highlighting the role of arbitration in streamlining timelines and procedures, particularly with regard to real estate contributions and inheritances.<\/p>\n
Seventh<\/b>: To establish an appropriate framework for coordination between the Saudi Arabian Monetary Authority and the Ministry of Justice to work toward standardizing real estate financing and registration forms.<\/p>\n
Eighth<\/b>: To request that the Ministry of Municipal and Rural Affairs, represented by the Al-Ahsa Municipality, prepare a guidebook on real estate in Al-Ahsa.<\/p>","protected":false},"excerpt":{"rendered":"
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