His Royal Highness Prince Faisal bin Bandar bin Abdulaziz, Emir of Riyadh Region, today handed over the first batch of land to first-year beneficiaries of the Real Estate Balance Program at Al-Hukm Palace, in the presence of His Royal Highness Prince Mohammed bin Abdulrahman bin Abdulaziz, Deputy Emir of the region. The plots are in the Al-Nakheel, Al-Malqa and Al-Qairawan districts. Eng. Ibrahim Al-Sultan, CEO of the Royal Commission for Riyadh City, also attended.

The handover followed the completion of ownership procedures by beneficiaries, and further plots will be delivered to the remaining beneficiaries in stages as plans and land become ready.

In a speech, Prince Faisal said the real estate balance system enjoys the attention of the leadership under the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and the directives of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister and Chairman of the Royal Commission for Riyadh City. Describing the day as an important milestone, he said the delivery of the first ownership documents reflects the status of citizens in the eyes of the leadership.

The program aims to provide between 10,000 and 40,000 residential plots a year for five years at a price not exceeding SAR1,500 per square meter. In its first year, 10,024 plots covering more than 6.3 million square meters were allocated at several locations in Riyadh.

The Royal Commission said development of the first-year plots is proceeding on schedule, with designs focused on quality of life, integrated services, green spaces and easy access. Beneficiaries went through eligibility checks, an electronic draw, land allocation and legal procedures before receiving ownership documents.

The start of handovers is expected to bring organised housing supply to the market, help close the gap between supply and demand and curb land price inflation, supporting the stability of the property market over the medium and long term.