Riyadh opens applications for up to 40,000 residential plots annually under Real Estate Balance Program
RIYADH — Riyadh will begin accepting applications on Sunday, Aug. 16, for the second edition of the Real Estate Balance Program, which aims to provide up to 40,000 residential plots annually, with applications remaining open until Sept. 15. Overseen by the Royal Commission for Riyadh City (RCRC), the program aims to provide between 10,000 and 40,000 developed and planned residential plots…
Riyadh is set to initiate applications for the second edition of the Real Estate Balance Program, beginning on Sunday, Aug. 16. The program aims to offer up to 40,000 residential plots each year until Sept. 15, with the Royal Commission for Riyadh City overseeing the initiative. The program intends to provide between 10,000 and 40,000 developed and planned residential plots annually for the next five years, with prices capped at SR1,500 per square meter, as stated on the RCRC's official website.
Applications are to be submitted via the Real Estate Balance Platform, following which a list of eligible applicants will be announced. A lottery will be conducted, leading to the identification and allocation of plots, culminating in the completion of the ownership process. The Real Estate Balance Platform is designed to balance the real estate market, increase homeownership among qualifying individuals in Riyadh, and maintain a fair distribution of supply and demand in the city's residential real estate market.
The program's implementation is a directive from Crown Prince Mohammed bin Salman, as approved by a royal order.
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