MCI announced that the number of real estate units licensed for selling on the map reached more than 17 thousand real estate units in various regions of the Kingdom, with a total value of about 20 billion riyals by the end of 2014 AD. This announcement comes in the framework of the Ministry's keenness and contribution to promote the confidence in the real estate market, and to motivate different real estate development activities, in addition to providing support and financing channels to real estate projects by raising the level of transparency in the real estate market in the Kingdom.
The Ministry confirmed that the information provided by the developers or buyers is treated in a secret and safe way, it will not be disclosed only to what contributes in the preservation of the rights of all parties.
According to MCI statistics of selling real estate units on the map, the total number of real estate units licensed for sale on the map in all regions of the Kingdom reached 17266 units, including 14834 housing units, 354 office units, 8 commercial units and 2070 land development, with a total value of SR 19,372,844,990.
MCI had earlier announced the issuance of a decision granting the real estate developers licenses of selling raw lands on the map, in order to meet the requirements needed for the practice of early sales of real estate units in the Kingdom.
MCI emphasized that allowing the sale of undeveloped raw lands on the map came to provide alternatives for real estate contributions in their old form, that the Ministry is working continuously on their liquidation and retrieving the shareholders' rights in them.
It is expected that this decision would contribute in stimulating the investment in real estate development projects by providing more residential, commercial and industrial schemes, in addition to increasing the supply of the offered lands, and increasing the competition among real estate developers, which will allow individuals to own real estate units at a lower cost.
This decision also seeks to resettle capitals and to provide more cash in the real estate market through the real estate developer`s getting direct financing from payments made by the buyers, which is less expensive than other financing sources, as well as stimulating raw land owners and getting them to develop their lands or offer them for sale.
MCI would like all those concerned to review the conditions and regulations governing the activity of selling real estate units on the map, as well as the conditions and requirements of licensing, also the licensed projects through accessing the link: Click here