RIYADH - The Ministry of Municipal and Rural Affairs and Housing announced today, Monday, the inclusion of new real estate development activities subject to classification within the activities of the national classification of economic activities based on the International Standard Industrial Classification of All Economic Activities (ISIC 4).

The ministry explained that this step comes to support and develop the real estate development sector and increase its effectiveness, and encourage real estate developers to provide an integrated residential and investment environment, in addition to ensuring the application of technical and financial standards that contribute to verifying the possibility and ability of the real estate developer to implement projects to improve the quality of performance.

The ministry indicated that the new activities subject to the classification include the purchase and sale of land and real estate and its division, and off-plan sales activities, as well as management and leasing of owned or leased residential and non-residential properties, as well as real estate development for both residential and commercial buildings using modern construction methods.

The ministry confirmed that the addition of these new real estate development activities came in light of its keenness to achieve financial inclusion, improve investment opportunities and provide the opportunity for companies to contribute to the development of the real estate market, with the aim of regulating practices and facilitating the activities of the real estate development sector in the Kingdom of Saudi Arabia, as well as contributing to improving the urban landscape and upgrading the lives of citizens.

The ministry noted that it is possible to inquire about the details of activities through the (Baladi) portal.