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Saudi Arabia: 17,000 registered associations of property owners in joint venture

The “Malak” program for property owners associations in Saudi Arabia registered more than 7,000 new associations in the last year 2021, reaching a growth rate of over 63% compared to the year 2020, bringing the total of owner associations registered on the electronic platform to 17,000 associations and the program works to help achieve the goal of increasing Percentage of Saudi households owning real estate units within co-ownership housing projects to reach a percentage of ownership Residential 70% by 2030, according to the objectives of the housing program One of the Kingdom’s Vision 2030 programs.

In a statement, Malak explained that registered associations have so far included more than 138,000 real estate units since the program started, underlining his constant effort to facilitate the registration, activation and accreditation procedures of owner associations, addressing the conditions of associations. in difficulties and facilitating procedures for property owners in common.

The program allows for the registration of real estate units under sales contracts and allows owners to determine the value of subscriptions in according to the needs of the association, with the aim of organizing and facilitating the communication process between associations of owners and service providers.

The “Malak” program contributes to promoting a culture of coexistence and good use within the real estate assets of the co-ownership by making use of electronic services in the owners’ associations and continuing their development and automation, connecting with the competent authorities to facilitate work associations, as well as allowing investments in owner associations which will reduce the burden for owners in registering Associations and allow them to conclude business and investment activities according to regulations and instructions, and will support the real estate system by raising the level of transparency among owners, and increasing the reliability of the work done in the associations.

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