Results of the Riyadh residential land lottery via the Real Estate Balance platform
The Royal Commission for Riyadh City announced today the final results of the electronic lottery for residential land purchases, conducted through the "Real Estate Balance Platform." This pivotal step comes in implementation of the directives of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, aimed at achieving stability and balance in the capital's real estate sector and providing diverse housing options for citizens.
Strategic context and ambitious vision
This step is of paramount importance within the framework of Riyadh's development strategy, which aims to transform the capital into one of the world's top ten urban economies while accommodating its growing population. The program to provide developed residential land is an integral part of the objectives of "Vision 2030," specifically the Housing Program and the Quality of Life Program, which seek to increase homeownership rates among citizens and ensure a sufficient real estate supply to meet growing demand, thereby helping to curb price inflation and create a fair and competitive environment.
High transparency and advanced technologies
The authority affirmed that the lottery process adhered to the highest standards of transparency and impartiality, as it was conducted under the supervision of an independent committee comprising representatives from several high-ranking government entities, including the Ministry of Justice, the General Authority for Real Estate, the Riyadh Municipality, and the Saudi Data and Artificial Intelligence Authority (SDAIA). SDAIA played a pivotal role in employing advanced algorithms and technological systems to ensure equal opportunities for all eligible applicants, following a rigorous eligibility verification and appeals process.
Details of targeted locations and neighborhoods
The results revealed the allocation of vast areas totaling 6,380,600 square meters, carefully distributed to serve the city's planned urban expansion. The allocated plots, each measuring 300 square meters, include strategic locations within both existing and new urban fabrics, distributed across vibrant neighborhoods such as Al-Qayrawan, Al-Malqa, Al-Nakheel, Al-Narjis, Nimar, Al-Rimal, Al-Rimal, and Al-Janadriyah. These plans are distinguished by the application of the new "Urban Code," which enhances the visual identity of the capital and ensures the humanization of residential neighborhoods.
Next steps for beneficiaries
The authority called on those who were fortunate enough to win in the lottery to access the "Real Estate Balance" platform to complete the necessary procedures. These procedures include viewing details of the allocated plots, signing off-plan sales contracts, and ultimately receiving the sites and commencing construction. The authority also noted that this is not the final offering, as the process will continue with new batches of developed land over the next four years to ensure a sustainable real estate supply.
