Saudi Shura Council Approves Draft of Real Estate Units’ Ownership Regulations

Tuesday, 18 June, 2019 - 13:30 -

Saudi Shura Council Approves Draft of Real Estate Units’ Ownership Regulations

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The Shura Council meets in its 45th ordinary session in Riyadh on Monday. — SPA
Riyadh- Fatehelrahman Yousif
The Saudi Shura Council approved Monday the draft of the real estate units’ ownership regulations. The 33-articles draft aims to regulate the owners’ relations in jointly managing the property.

This took place during the regular 45th session, under the chairmanship of Dr. Yahya bin Abdullah al-Samaan, assistant speaker of the council.

Samaan noted, during press statements following the session on Monday, that the council took its decision after getting briefed on the Committee on Hajj, Housing, and Services remarks and opinions towards the draft.

Board Member & the Head of Real Estate Ayedh bin Abdullah al-Wabri said, in a phone call with Asharq Al-Awsat newspaper, that these regulations are an added value to the real estate and would bolster the confidence of investors in buildings and housing units.

According to Wabri, these regulations are a major launching point in the urban development path. He further hailed that the regulations would contribute to facilitating citizens’ ownership of real estate properties.

The draft would open new prospects in the field of establishing malls and housing compounds, he said.

Wabri continued that the draft would also guarantee that partners in joint real estate would share their stakes and encourage the culture of sharing joint housing units.

Moreover, the council approved another decision to amend some articles of the regulation for the expropriation of real estate units for public benefit.