Riyadh Hands Over First Title Deeds Under 'Real Estate Balance Program'
Riyadh handed over the first batch of land title deeds under the Real Estate Balance Program to beneficiaries in its first year, as part of an initiative aiming to provide 10,000 to 40,000 plots annually.
The Governor of Riyadh Region handed over the first batch of land title deeds under the Real Estate Balance Program to first-year beneficiaries in the Al-Nakheel, Al-Malqa, and Al-Qairawan neighborhoods.
The program aims to provide between 10,000 and 40,000 residential land plots annually over five years.
The first year allocated 10,024 plots covering more than 6.3 million square meters.
The program sets the price per square meter at a maximum of 1,500 riyals, according to a report published by the 'Amlak' website.
What do these terms mean?
Real Estate Balance Program: A Saudi program for allocating residential land to beneficiaries at set prices.
Title Deed: An official document proving a person's ownership of property and allowing them to dispose of it.
Square Meter: A unit of area measurement equal to a square with sides one meter long.
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