Online transfer of real estate ownership in the pipeline

Author: 
ARAB NEWS
Publication Date: 
Tue, 2010-09-21 02:44

The real estate sector in Saudi Arabia, the Gulf region’s biggest economy, continues to retain its appeal, despite the global recession and property market downturn. Experts estimate the total investment in the Kingdom’s real estate sector by 2010 to the tune of SR1,500 billion.
“A real estate portfolio will be set up for the purpose. The procedures for transferring title deeds will be undertaken free of charge,” Abdul Rahman Al-Husseini of the public court in Jeddah told Arab News.
Al-Husseini said that about a third of cases heard at his court last year related to delays in the payment of rent and demands from landlords to evict tenants from their properties.
He hoped that newly proposed documentation and enforcement laws, which are now being examined by the Ministry of Justice, would help reduce the number of such disputes substantially.
“The licenses issued by the ministry to real estate appraisers would further strengthen the role of the private sector in regulating the real estate market,” he said.
The Kingdom is finalizing the draft regulations on property mortgages. Experts have predicted that the adoption of the mortgage law will open the domestic market, with clear and guaranteed funding channels.
Al-Husseini said the ministry is currently examining six new laws and regulations covering mortgages, real estate financing, monitoring of real estate financing companies, financial leasing, documentation and enforcement.
He also referred to a statement from Minister of Justice Muhammad Al-Eissa, who said his ministry was keen to address negative factors affecting the real estate market and bolster confidence in addition to improving flexibility and security.
This will be through the introduction of measures with regard to ownership deeds, as well as improving confidence in the market, he added.
The real estate and construction sector in the Kingdom provides one of the most attractive investment opportunities in the region.
Al-Husseini said the ministry has developed an index to evaluate the performance of the real estate market and disclose details of property deals.
“The government has introduced a number of real estate laws and regulations over the last 10 days,” he added.
Saudi Arabia is overhauling its judicial system and court facilities in an effort to streamline the legal process in the country.

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