07/04/2015
At the real estate Expanded meeting in the eastern region
Recommendation to study the impact of the decision to impose fees on the white land on the real estate market
Real estate meeting witness calls for the development of historical and cultural areas
Alotaishan: We hope to a broader real estate contribution in the overall development
The real estate Expanded meeting in the eastern region, which was organized by the East Chamber Sunday 5 April 2015 saw many exciting topics of interest to the market, most notably Saudi Aramco intercepts, and the decision of the Council of Ministers to impose fees on vacant lands, broken instruments and the impact on the real estate market.
Attendance demanded during the meeting which was attended by the East Chamber Chairman Abdulrahman bin Saleh Alotaishan and Head of Real Estate Committee Khalid Barashid to reach solutions for the release of the company's territory Reserve, appraising the great role played by the company in the national economy.
The attendees agreed that the real estate market is going through a positive phase at present, and the future holds sophisticated reality, renewing the call for the establishment of a public body for the real estate, responsible for regulating the market and address some of the distortions facing the market.
He concluded the meeting with the need to prepare a study on the Cabinet's decision to impose fees on vacant lands, and register the expected effects on all levels.
During the meeting, which was attended by a large number of real estate of various specializations many points of interest has been put up to the marketing sector and calls for the development of historical and heritage areas, the implementation of vital projects such as hotels, towers, and rehabilitation of junior workers in the real estate market, the classification of real estate enterprises by activity.
During the meeting, there were frequent demands of the real estate agent to the Ministry of Housing for handing the land to the private sector to contribute in the development and then the ministry can give it to citizens.
For his part, The Chamber Chairman Abdulrahman bin Saleh Alotaishan said that the real estate market is evolving and growing, and full of something new every day, therefore we stand in front of the challenges requires all of us to meet for research and study in order to take a position on them, and our goal in the development of this market to a better reality
Alotaishan said that from this standpoint the East Chamber sought to follow-up this market, and note its orientations, carried through the Real Estate Committee in many events, and organize meetings, seminars, workshops and exhibitions, and continue with various stakeholders in order to maintain the achievements of this market, and its data-orientedcomprehensive development, and strive hard to communicate with the various parties to resolve all the problems that we face in this area. "
Alotaishan suggested the formation of a working group to study the decision to impose fees and to carry their opinion about real estate enforcement mechanisms, so that there will be damage to no one, by the fact that they are closer to the real estate market, they have the most knowledge of its details.
For his part, President of the Chamber Real Estate Committee Khalid Barashid said that the Land Commission has worked to raise the subject of suspended or broken instruments to the concerned authorities through the Council of Saudi Chambers, as the Commission ended the study they will raise it to the Chamber board management, to give standardized instruments idea , Aramcointercepts was discussed by the Commission with the various stakeholders, especially as they affect a large segment of citizens , 15 000 aggrieved citizen of the Reserve, hoping to get proper compensation for them, as some of them possess this land formal instruments for more than 12 years, not classifiedtraders or real estate.
For his part, Vice President of Real Estate Committee, Dr. Bassam Budi said that the land fee decision involves varying effects, "We as real state have to raise the recommendation of the Council of Economic Affairs to monitor those effects," especially since some of the land belonging to the heirs of the citizens are waiting for construction, and that is determined and clear mechanismassessment, pointing out that the problem lies in that the citizen's ability to purchase and the reconstruction is still low, and we have to look for ways that support the ability of citizens to purchase,
For his part, the real estate and businessman Khalid Bin Hassan Al-Qahtani said that the real estate market began to take a real industry landmarks and we will see the results in the coming period.
Qahtani pointed to the issue of land fees and said it is a system of systems that recently released and hope to be in addition to the market, but we as real estate agent we need to raise our stakeholders observations , suggesting a proposal to host officials from the Ministry of Housing to discuss all systems and new directions of the Ministry details, including the future of the Real Estate Development Fund, which is expectedmajor developments in the level of performance happens to exceed lending citizens, to lending institutions and real estate developers.
As a businessman and real estate Ahmed AlRomaih talked about the fees that will be imposed on the land and said that the implementation of resolution mechanisms yet to come, as we need to identify lands that fees will be imposed on , and hopefully if the study was prepared and submitted to the Council of Economic Affairs, especially the white land is notall for real estate, pointing out that the imposition of fees will not necessarily result in an immediate and direct solution to the issue of housing .. noting the efforts of real estate in urban development that the country witnessed in general.
With real estate, Khalid Al Kaf said that there are about 200 million square meters represent Aramco Lands intercepts space if entered into the market, it will help to solve the problem of housing in the region significantly.
As Engineer Hamed bin Hamri Al-Qahtani said that the real estate is not only the land, but the land is all what contain, there owner and developer and resident, there are challenges at various levels we head to solve,
And the meeting witnessed a visual presentation on the achievements of the East Chamber Real Estate Committee over the past year in 2014.
