Start of second year applications for Real Estate Balance Program

The Royal Commission for Riyadh City has announced the start of applications for the second year of the Real Estate Balance Program. This program aims to increase the supply of residential land and reduce the gap between supply and demand in the capital by offering between 10,000 and 40,000 plots of land annually at prices not exceeding 1,500 SAR per square meter. The program targets married citizens or males over 25 years old, provided they have no prior ownership and have lived in Riyadh for at least three years. An electronic lottery will be conducted to select beneficiaries, with eligibility verified accordingly. The goal is to stabilize land prices and stimulate the real estate market, while ensuring that the land cannot be transferred for 10 years except as collateral for financing. Accompanying regulatory measures will be implemented to enhance supply and facilitate buying and selling processes without intermediaries.

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