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Riyadh's New System Aims to Ensure Transparency and Stability in the Real Estate Market
Riyadh's New System Aims to Ensure Transparency and Stability in the Real Estate Market 利雅得
By   Internet
  • 城市報
  • Riyadh Real Estate Market
  • Riyadh Real Estate
  • New Property System
Abstract: The recent report in the official newspaper of Riyadh, "Umm Al-Qura," unveils a new system for the sale and lease of off-plan real estate projects. This new system, approved by the Ministerial Council in September of last year, aims to ensure the legitimacy and transparency of real estate projects.

According to this system, real estate developers must obtain special permits to sell or lease properties not included in planned projects. No developer is allowed to engage in the sale and lease of off-plan real estate projects unless registered under the developer's registry.


Developers must commence construction within six months of obtaining the permit and must complete the project within the specified timeframe. If developers unduly delay delivering land or residential units without valid reasons, buyers have the right to compensation or equivalent rent.


Additionally, regulatory authorities can take necessary measures, including halting permitted projects until violations are corrected. Developers and landowners are prohibited from disposing of shared parts of permitted projects before real estate division. Post-division disposals must comply with property ownership, division, and management regulations.

Riyadh's New System Aims to Ensure Transparency and Stability in the Real Estate Market

The system also stipulates that in cases where unforeseen circumstances prevent the completion of permitted real estate projects, regulatory authorities must negotiate with project statutory accountants and consultants. Necessary measures should be taken to ensure project completion or liquidation, refunding payments made according to the system's provisions.


Unauthorized activities such as pre-sales or leasing of real estate projects without a permit, embezzlement of funds, or forgery of documents will incur criminal penalties and fines. Offenders without a permit, holding false documents, misappropriating or squandering funds allocated for project establishment, not depositing funds into escrow accounts, or verification of forged documents by legal accountants and consultants will face punishment, including imprisonment for up to five years, fines not exceeding 10 million Saudi Riyals, or both.


The system also prohibits advertising these projects in local or foreign media or organizing exhibitions and invitations unless the real estate project obtains a permit issued by the competent authority according to the system's regulations. This aims to prevent false advertising and misleading consumers.


The newspaper report notes that this system applies to activities related to the sale and lease of off-plan real estate projects, involving buyers, tenants, or project financiers collecting funds. This also includes the sale and lease of unplanned real estate projects affiliated with government entities outlined in their nature and regulations.

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Riyadh's New System Aims to Ensure Transparency and Stability in the Real Estate Market
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