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Riyadh Opens Applications for 40,000 Annual Residential Plots Under Real Estate Balance Program
🇸🇦 Saudi Arabia /Economy & Trade

Riyadh Opens Applications for 40,000 Annual Residential Plots Under Real Estate Balance Program

From Saudi Gazette · () English

Translated from English, summarized and contextualized by DistantNews.

At a glance

News Official statement New plan
  • Riyadh is launching the second phase of its Real Estate Balance Program.
  • The program aims to provide up to 40,000 residential plots annually for five years.
  • Applications open Aug. 16 and close Sept. 15, with plot prices capped at SR1,500 per square meter.

Riyadh is set to open applications for the second edition of its Real Estate Balance Program on Sunday, August 16. The initiative, overseen by the Royal Commission for Riyadh City (RCRC), aims to significantly boost homeownership by offering up to 40,000 developed and planned residential plots each year over the next five years.

The program targets eligible beneficiaries in Riyadh, with a price cap of SR1,500 per square meter for the plots. This effort is designed to address the city's real estate market balance and increase the rate of homeownership among its residents. Applications will remain open until September 15.

Prospective applicants must submit their submissions through the dedicated Real Estate Balance Platform. Following the application period, the RCRC will announce a list of eligible candidates. The process will then involve a lottery to assign plots, followed by off-plan sales and the completion of ownership procedures. The RCRC's official website provides further details on the application and allocation process.

DistantNews Editorial

Originally published by Saudi Gazette in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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