Article 4 of the Saudi Real Estate Finance Law
المادة 4 من نظام التمويل العقاري
The article requires the Ministry of Commerce and Industry, the Ministry of Justice and the Ministry of Housing, each within its remit, to publish real estate market activity data in periodic bulletins.
Official text (Arabic)
This article has not been amended since the law was issued.
تنشر وزارة التجارة والصناعة، ووزارة العدل، والوزارة - كل فيما يخصها - البيانات المتعلقة بنشاط السوق العقارية، وذلك في نشرات دورية وفقًا لاحتياجات السوق، وطبقًا لما تحدده اللائحة.
This is the official Arabic wording, the only legally binding version. We do not translate the law itself; the explanation below is ours. Official source: Bureau of Experts at the Council of Ministers
Article 4 explained in plain English
This article aims to provide reliable information about the real estate market, because financing and purchase decisions need data. It therefore requires three government bodies to publish data relating to real estate market activity:
- the Ministry of Commerce and Industry;
- the Ministry of Justice; and
- "the Ministry", which under Article 1 is the Ministry of Housing.
Each body publishes within its remit, that is, within the data relating to its jurisdiction. The manner of publication is:
- in periodic bulletins;
- according to market needs; and
- as the Implementing Regulations specify.
The article does not specify the type of data in detail or the publication dates, but leaves that to the Implementing Regulations and to market needs.
This article complements Article 5, which requires the bodies registering real estate ownership to allow licensed real estate financiers to view the information in real estate registers. Article 4 concerns publishing general data about the market, while Article 5 concerns financiers' access to register information. Before it comes Article 3, which requires the financier to engage in finance in a way that does not conflict with the provisions of Islamic Sharia.
This data also helps the consumer when assessing the price of a property or of finance, but the article does not give the consumer an individual right to request particular data.
Translated from our Arabic explanation with machine assistance. For guidance only; it does not replace advice from a lawyer on your situation.
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Frequently asked questions about Article 4 of the Saudi Real Estate Finance Law
Who publishes real estate market data in Saudi Arabia?
The Ministry of Commerce and Industry, the Ministry of Justice and the Ministry of Housing, each within its remit.
How is real estate market data published?
In periodic bulletins according to market needs and as the Implementing Regulations specify.
More articles on Regulating the Real Estate Finance Sector
- Article 2
The article makes the Agency responsible for regulating the real estate finance sector and lists its powers, from licensing financiers to reviewing contracts and setting cost disclosure principles.
تختص المؤسسة بتنظيم قطاع التمويل العقاري، بما في ذلك ما يأتي: 1 - السماح للبنوك بمزاولة التمويل العقاري بتملك المساكن لأجل تمويلها - استثناءً من حكم الفقرة (5)
- Article 3
The article requires the real estate financier to engage in finance in a way that does not conflict with the provisions of Islamic Sharia, as determined by the Sharia committees, and without harming the soundness of the financial system or fairness in dealings.
يزاول الممول العقاري أعمال التمويل العقاري بما لا يتعارض مع أحكام الشريعة الإسلامية؛ بناء على ما تقرره اللجان الشرعية المشار إليها في المادة (الثالثة) من نظام م
- Article 5
The article requires courts and notary offices to allow licensed real estate financiers to view and obtain the information in real estate registers, as the Implementing Regulations specify.
يجب على الجهات المنوط بها تسجيل الملكية العقارية (المحاكم وكتابات العدل) تمكين الممولين العقاريين (المرخص لهم) من الاطلاع والحصول على المعلومات المدرجة في سجلات
- Article 6
The article allows real estate financiers and real estate refinancing companies to cover real estate finance risks through cooperative insurance, in accordance with the Implementing Regulations.
للممولين العقاريين وشركات إعادة التمويل العقاري تغطية مخاطر التمويل العقاري بالتأمين التعاوني وفقًا لأحكام اللائحة.
- Article 14
The Agency prepares the law's Implementing Regulations, which are issued by decision of the Minister of Finance within 90 days of the law's issuance and take effect after the law comes into force.
تعد المؤسسة اللائحة لهذا النظام، وتصدر بقرار من الوزير خلال (تسعين) يومًا من تاريخ صدوره، ويعمل بها بعد نفاذه.
The texts are reproduced from the official website of the Bureau of Experts at the Council of Ministers for reference; where they differ, the officially published Arabic text prevails. This content is not legal advice.