RIYADH — Riyadh will begin accepting applications on Sunday, August 16, for the second edition of the Real Estate Balance Program, which aims to provide up to 40,000 residential plots annually. Applications will remain open until September 15.

Overseen by the Royal Commission for Riyadh City (RCRC), the program aims to provide between 10,000 and 40,000 developed and planned residential plots each year over the next five years. The plots will be offered at prices of no more than SR1,500 per square meter.

According to the RCRC’s official website, eligible applicants can submit their applications through the Real Estate Balance Platform. A list of applicants who meet the program’s eligibility requirements will then be announced.

Following the eligibility process, a lottery will be conducted to identify the plots. The process will then proceed through allocation and off-plan sale procedures before ownership is completed.

The Real Estate Balance Platform is designed to help maintain balance in Riyadh’s real estate market while supporting increased homeownership among eligible beneficiaries.

The program also aims to promote fair distribution of residential land and maintain a healthy balance between housing supply and demand across the city.

The initiative is being implemented under the directive of Crown Prince Mohammed bin Salman and follows a royal order approving the provision of residential land to citizens in Riyadh.

Source:Saudi Gazette