"Eiendombalans" pumps more than 10 thousand plots of land for ownership in Riyadh annually

Riyadh real estate prices are expected to gradually calm down and that the balance in the medium term will return to the market, with the beginning of the pump of land for ownership by the “real estate balance” launched by the Royal Commission for the City of Riyadh, according to prices that are no more than 1500 Riyals per square meter. In an interview with “Al -Sharq”, she indicated that the direct sale of citizens via the platform would lower the extra cost of property ownership, represented in mediators. It is scheduled to be sold annually between 10 thousand and 40 thousand erven land by ‘real estate balance’ by a public lottery between those who want to buy, taking into account controls announced by the government, which should not be sold within ten years, with the need to complete the construction during the same period. Bin Saeed noted that the increase in rent during the last period in Saudi capital is due to the scarcity of annual contracts in exchange for the increasing supply of the apartments offered for the daily rent, and it is suggested that the new initiative contributes to the diversification of the options and the goal of increasing the percentage of ownership.