Saudi efforts to enhance real estate balance in Riyadh
Under the patronage and guidance of Crown Prince Mohammed bin Salman, the Kingdom of Saudi Arabia is working to address the challenges of soaring real estate prices in the capital, Riyadh. In a move aimed at stabilizing the real estate market, the Royal Commission for Riyadh City announced the eligibility results for those eligible to purchase undeveloped residential land through the Real Estate Balance Platform.
Real Estate Balance Platform: Towards Sustainable Development
The Real Estate Balance Platform is a leading initiative launched by the Royal Commission for Riyadh City, aiming to achieve sustainable urban balance. The platform seeks to ensure equitable land distribution among citizens and regulate the relationship between supply and demand in the residential real estate market. It also aims to enhance homeownership opportunities for individuals and achieve the objectives of the Real Estate Balance Program.
The platform operates within an integrated digital system that begins with the application phase, through the announcement of eligibility lists, then the electronic lottery to determine the lands, followed by allocation and off-plan sales procedures, leading up to the completion of ownership.
Measures to enhance ownership opportunities
Following the Crown Prince's directives, decisive steps have been taken to stabilize the real estate market in the capital by lifting the suspension on buying, selling, subdividing, and issuing building permits in northern Riyadh. The Real Estate Development Authority will make available between 10,000 and 40,000 residential plots annually over the next five years, at prices not exceeding 1,500 riyals per square meter, to married citizens or those over 25 years of age, provided they do not own any previous property.
The relevant authorities were also directed to quickly amend the white land fees system within a period not exceeding 60 days, in addition to regulating the relationship between landlords and tenants within 90 days, to ensure the balance of the real estate market.
Continuous price monitoring
As part of ongoing efforts to ensure the stability of the real estate market, the General Authority for Real Estate and the Royal Commission for Riyadh City have been tasked with monitoring prices and submitting periodic reports on them. These steps are in line with the Kingdom's vision to enhance quality of life and empower individuals by providing a sustainable and suitable housing environment for all citizens.
