Residents looking for residential land in the capital can now apply through the Real Estate Balance Platform, which was introduced by the Royal Commission for Riyadh City on Thursday. Crown Prince Mohammed bin Salman's directions earlier this year to stabilize the real estate market by making land available at reasonable costs are being followed by this program.
The RCRC stated its goal to supply 10,000 to 40,000 plots per year for the next five years, with prices not exceeding 1,500 riyals ($400) per square meter. Applicants must be Saudi citizens who are at least 25 years old, married, and have lived in Riyadh for at least three years without owning any other property. Submissions are due on October 23.
Reselling and transferring land during that time is forbidden, with the exception of mortgages needed to finance building, and successful applicants must build on their land within ten years or suffer forfeiture.
According to the commission, signing up on the portal did not ensure allocation. Additionally, it emphasized that the platform, accessible via tawazoun.rcrc.gov.sa, was the only application channel and that no middleman was acting on its behalf.
Official RCRC channels will be used to disseminate information and updates, and its call center will be used to answer questions.
