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Dubai United Arab Emirates
Saudi Arabia has launched a one-month domestic poll about a new off-plan real estate law which is intended to protect dealers and prevent any malpractices.
The Real Estate General Authority (REGA) is conducting the poll on its 'Istitlaa' website within the public and private sectors to seek their opinion before it is enforced.
REGA said the poll, which started on 9 March and ends on 8 April is designed to get remarks and ideas about the new rules ahead of enforcement.
“This poll will enable the public as well as government agencies and the private sector to express their views and observations on it before its approval,” REGA said.
It said that the “draft guide” about off-plan property sales includes 55 “procedural” documents aimed at regulating the activity of selling and leasing off-plan, and raising the level of transparency and disclosure in a way that ensures the protection of the rights of all parties to the contractual relationship.
“It will also contribute to improving governance and compliance and facilitate the completion of all procedures for issuing relevant licenses,” it added.
The Authority noted that the new rules explain the real estate development “journey” for off-plan projects, including qualification and registration of developers, dealing mechanisms and regulations, and measures related to project delivery.
The poll coincides with a massive construction drive in the Kingdom as part of its landmark economic transformation scheme dubbed 'Vision 2030,' which aims to expand house ownership by Saudis to at least 70 percent by 2030.
In a report last year, REGA said more than 300,000 new housing units would be added during 2022-2025, noting that real estate is the second largest GDP component in the Kingdom after the oil sector.
Its contribution to GDP was estimated at around 241 billion Saudi riyals ($64.3 billion) in 2023 and is projected to climb to nearly SAR 353 billion ($94 billion) in 20-28, REGA said.
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