Saudi Arabia has taken a qualitative leap forward in property protection and monitoring with the country’s cabinet approving on Wednesday a set of regulations that pave the way for a new phase in empowering and raising the real estate sector’s credibility, experts reported.
Curbing infringements against state property will further develop and regulate the market, real estate developers told Asharq Al-Awsat, adding that the newly passed measures will also enhance the private sector’s attractiveness to both local and foreign investors.
Mohamed Al-Murshid, who chairs the national real estate committee at the Saudi Chambers Council, confirmed that Cabinet approval to monitor state property and remove encroachments goes to show the Kingdom’s commitment to market reform and protecting government projects against possible future transgressions.
“Improving real estate sector confidence will increase the Saudi market’s attractiveness to local and foreign investors. It also facilitates procedures that could burden property buyers,” Al-Murshid told Asharq Al-Awsat, adding that fresh regulation guarantees the validity of properties put up for sale.
The Kingdom’s real estate sector is greatly interested in the government’s reform initiatives and decisions, Al-Murshid noted, stressing that the committee he heads will continue to reinforce communication with relevant authorities to ensure the national economy’s best interest.
Governor of the State Properties General Authority (SPGA) Ihsan Bafakih affirmed that the new rules will enable the SPGA and relevant authorities to advance transparency and protection and address infringements.
More so, the newly passed measures will also outline the regulatory and executive roles that protect and control state property and progress the clearing of infringements according to high standards and parameters.
“The issuance of these rules is a very important qualitative leap towards perfecting the regulatory system protecting state property from encroachment,” said Bafakih, adding that the move also strengthens SPGA’s role as a partner and main actor.