Saudi Arabia: 28% increase in the sorting of new real estate spaces in 2021

The areas of sorted real estate units in Saudi Arabia recorded in the last year 2021 as part of the sorting program of real estate units, an increase of 28% compared to the sorted spaces in the year 2020, with an estimated increase of over 2 million square meters, in how much the number of units sorted in the last year has reached almost 50 thousand real estate units with a total area of ​​over 10 million square meters.

This is part of efforts to regulate the real estate sector, improve transparency, preserve owners’ rights within joint property complexes and ensure the equitable distribution of the benefits of joint structures, with the aim of increasing the proportion of Saudi families. which they own 70% by 2030. To achieve the objectives of the Housing Program, one of the Kingdom’s Vision 2030 programs.

The program explained, in a press release, which last year 2021 saw the addition of a series of additional services and features within the “Unit Sorting” platform, in particular: (separate service, sorting certificate, rearrangement and technical integration with the Malak platform), with the aim of strengthening the regulation of the residential real estate market and raising the quality of the services provided.

The “sorting of real estate units” aims to identify all information relating to the unit and its share of land within the joint properties of the property and the rights of users, to facilitate and speed up the procedures necessary for issuing the title ownership, standardize and organize procedures within a unified electronic platform to preserve the rights of all beneficiaries within joint real estate projects and reduce the time period for completion Screening process and increase the efficiency of procedures .

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