REGA: New Law Accelerates Ownership in Off-Plan Sale and Lease Projects
الهيئة العامة للعقار: نظام جديد يُسرِّع تملُّك الوحدات في مشاريع البيع والإيجار على الخارطة
The Real Estate General Authority (REGA) confirmed that the newly issued Off-Plan Real Estate Projects Sale and Lease Law will enhance clarity of rights and expedite ownership and leasing for buyers across residential, commercial, tourism, industrial, and other property types in line with Saudi Vision 2030. Key provisions include a prohibition on off-plan sale, lease, or promotion without an official license; a requirement that all collected funds be deposited into regulated real estate development guarantee accounts; and an obligation for developers to begin construction within six months of obtaining a license. The competent authority must issue a decision on license applications within thirty days of receiving complete documentation, with silence deemed approval. Provisions scheduled to take effect ninety days after publication in the Official Gazette repeal all previously conflicting regulations, and violations are subject to penalties outlined in the law.
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