New rules for documenting land transactions to boost real estate supply: minister

Municipal and Housing Minister Majid bin Abdullah Al-Hogail announced new regulations aimed at bolstering real estate supply in Saudi Arabia. The rules, approved by the Cabinet, pertain to documenting property transactions involving land subject to the White Land Fees system and vacant properties. Al-Hogail emphasized that these regulations are a strategic move to safeguard the state's rights in collecting due fees, enhance transparency, and improve governance within the real estate sector.

Under the new rules, any transfer of ownership for land covered by the system cannot proceed without the payment of all outstanding fees, ensuring the state's financial interests are protected. Al-Hogail explained that these measures are balanced to encourage land development without impeding it. He stated that the regulations will stimulate property development, leading to an increase in real estate supply and a more efficient utilization of land in urban areas.

The ultimate aim of these regulations, according to Al-Hogail, is to support the housing sector and facilitate homeownership among citizens. By providing a broader range of housing options, these rules contribute to the Saudi Vision 2030 objective of increasing the proportion of Saudi families owning homes. The minister concluded by affirming that these regulatory steps will boost the efficiency of the real estate market, protect rights, foster land development, and promote sustainable urban growth, all in a manner that supports public interest and maintains balance within the Saudi real estate market.