The Emir of the Riyadh Region delivers the first batch of lands to the beneficiaries of the Real Estate Tawazun Program

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The Governor of the Riyadh Region, Prince Faisal bin Bandar, handed over today, at the Palace of Governance, the first batch of lands allocated to the beneficiaries of the first year of the real estate balance program, in the neighborhoods of Al-Nakhil, Malqa and Kairouan, in the presence of the Deputy Governor of the region, Prince Muhammad bin Abdul Rahman.

The start of delivery comes as part of efforts to provide residential lands to citizens at specific prices, in implementation of the directives of the Crown Prince, Prime Minister and Chairman of the Board of Directors of the Royal Commission for the City of Riyadh, Prince Mohammed bin Salman bin Abdulaziz, aimed at achieving real estate balance in the capital.

For his part, the Emir of Riyadh pointed out that the follow-up and support of the Saudi Crown Prince and Prime Minister, Prince Mohammed bin Salman, for everything that would achieve well-being and enhance the quality of life in the city of Riyadh embodies the status of the citizen in the leadership.

He stated that these measures taken will have a great impact in enhancing the process of sustainable and comprehensive development in the city of Riyadh and striving to achieve real estate balance and regulate the relationship in the sector.

Prince Faisal bin Bandar said: Today we are witnessing an important milestone with the delivery of the first batch of ownership documents to the beneficiaries of the program. In a step that embodies the status of the citizen in the leadership and its efforts to support comprehensive development, improve the quality of life, and enhance the elements of stability for citizens, within a vision that places the human being at the heart of development.

The program aims to provide between 10,000 and 40,000 residential plots of land annually over a period of five years, at a price not exceeding 1,500 riyals per square meter. The first year witnessed the allocation of 10,024 plots of land, with a total area exceeding 6.3 million square metres, distributed over a number of locations in the city of Riyadh.

The Royal Commission for the City of Riyadh confirmed the continuation of the work of developing the plans for the first year according to the approved implementation stages, with the adoption of planning and urban concepts that take into account the quality of life, the integration of services, the provision of green spaces, ease of access, and the diversity of residential needs. The plans are also based on design guides and urban and architectural guidelines aimed at improving the residential environment and developing integrated model neighborhoods.

Handing over the lands represents a transition to the stage of actual ownership by the beneficiaries, which supports an increase in the organized housing supply, and contributes to addressing the gap between supply and demand and reducing pressures on land prices, thus enhancing the stability of the real estate market in the medium and long term.

On the urban level, the program seeks to establish a model of integrated residential neighborhoods, which will reflect on the structure of the city of Riyadh and its quality of life, through developing plans that take into account the needs of residents and provide an integrated urban environment.

The beneficiaries’ journey included sequential procedures that began with verifying eligibility and conducting the electronic lottery, through allocating lands and completing regulatory requirements, all the way to issuing ownership documents, within a government work system aimed at transforming the program’s objectives into tangible results.