REGA: project off-plan sale, rent project law comes into force April 4

The Real Estate General Authority (REGA) stated that the new law for selling and renting off-plan real estate projects will be effective starting April 4, and its executive regulations will be published during the coming period.

REGA explained in a statement that the new law aims to regulate the activity of selling and leasing off-plan real estate projects and raise the level of transparency and disclosure to ensure the protection of the rights of all parties to the contractual relationship. The law application will reduce  to reduce violations in the real estate development sector, and contributes to the real estate legislative system raising investor confidence in the real estate sector in the Kingdom.

According to data available on Argaam, Umm Al-Qura newspaper published last Friday a system for selling and renting off-plan real estate projects, which the Council of Ministers approved last September.

The system's provisions apply to the activity of selling and renting off-plan real estate projects, involving the collection of funds from buyers, lessees, or project financiers.

This also includes the sale and rental of off-plan real estate projects affiliated with government entities, in accordance with their nature and as outlined in the regulation.

Source : Arqaam