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Housing Minister approves new city investment system
The Ministry of Housing has announced the adoption of a new system for allocation mechanisms in the new cities, aimed at enhancing transparency and seriousness in the land market, and directing land to financially capable companies. The system includes full payment of the purchase price upon application, to increase companies' financial strength and reduce land resale and trading activities. It also features improved tools for dealing with investors, such as an electronic system for financial transfers for foreign investors and an electronic wallet for SWIFT transactions, to facilitate procedures and increase flexibility in using transfers. Additionally, the system offers diverse allocation options, such as selling in foreign currency or through a deduction system for dues, with specified implementation periods that match the project's size. These measures aim to boost the country's ability to attract investments, achieve urban development, and maximize land utilization.
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