Saudi Arabia tops list of registered Real Estate Properties 2

The cost for real estate registration in the Kingdom is zero, but in
some other countries this process may cost about 28 percent of the
value of the real estate.

In the kingdom, the investor does not bear any cost for the
registration of the real estate property.

Reduction of registration fees is considered as one of the effective
means for encouraging official registration and increasing the
governmental revenues either from the registration fees or from
taxation imposed on the real estate properties, and making prices of
real estate transparent at the real estate market.

The report pointed out that complication of the system of the real
estate registration leads to bribes, forgery and fraud as well as to
judicial disputes.

The report was prepared by a group of the World Bank which includes
in its membership five establishments which cooperate to reduce the
number of the poor people.

They include the World Bank for construction, the international
development organization, the international financing cooperation
(IFC), the international agency for investment guarantee, the
international center for settlement of disputes.

More than 6,700 experts including lawyers, consultants, accountants,
shipping agents and governmental officials work for the preparation
of the reports.

--SPA