The Basic Actual Property Authority.. Vital updates within the rental cost processes for residential properties from January 15

The Basic Actual Property Authority is about to launch essential adjustments within the rental cost processes for residential contracts, because it introduced that from January 15, the rental cost processes by means of digital channels shall be steadily restricted.

Particulars of the choice and its impression on rental cost processes for residential contracts

This step is a part of the Basic Actual Property Authority’s efforts to advertise digital transformation in the true property sector, because the Authority requires tenants to pay rents by means of specified digital channels and cancels any proof conventional cost transactions after the occasion date. Authorised digital providers embrace “Mada” and “Sadad” utilizing bill quantity 153, with the understanding that this limitation doesn’t apply to industrial rental agreements.

Earlier, we witnessed one other announcement from the Basic Actual Property Authority that strengthens its function in bettering the housing sector and infrastructure growth within the Kingdom, because the Authority introduced concrete statistics on the distribution of 96,700 actual property items within the completely different areas and cities of the Kingdom. United Kingdom in the course of the yr 2023, as these items symbolize an essential formation within the enchancment and enhancement of the residential construction with a complete space exceeding 30 million sq. meters.

Sorting of 96 thousand actual property items

The Actual Property Authority introduced tangible achievements within the technique of sorting actual property items, as the entire variety of sorted items exceeded 96 thousand items, with areas exceeding 30 million sq. meters. These achievements come within the context of the authority’s digital platform responding to greater than 13 thousand requests, along with sorting 100 workplaces.

Sorting actual property items

Latest studies on actual property unit sorting have proven the prevalence of Riyadh and Jeddah within the variety of items sorted, whereas recording enhancements within the providers supplied by means of the platform. Mecca, Asir and Taif occupy essential locations on this context.

Riyadh Metropolis tops the record with over 28,800 actual property items sorted, adopted by Jeddah with over 27,800 actual property items. In third place, Makkah Al-Mukarramah shines with greater than 7,300 actual property items, whereas the Asir area ranks fourth. with greater than 5,100 actual property items, and in fifth place seems the town of Taif with greater than 4,300 actual property items.