In an effort to enhance accessibility and affordability in its housing market, Riyadh has officially launched the Real Estate Balance Platform, known as Tawazoun. This innovative initiative allows citizens to apply for well-planned residential land at capped prices, specifically SAR1,500 ($400) per square meter, fostering greater stability in the local real estate market.
The establishment of the Real Estate Balance Platform aligns with directives issued by Prince Mohammed bin Salman bin Abdulaziz, who aims to create a more balanced real estate sector in Riyadh. This launch represents a key step toward addressing the housing challenges faced by many citizens and making significant strides in urban development.
Annual Land Allocation
Through this initiative, the Royal Commission for Riyadh City (RCRC) plans to make between 10,000 and 40,000 residential plots available each year for the next five years. This substantial allocation is designed to meet the burgeoning demand for housing and provide opportunities for residents to invest in their futures.
Application Process and Eligibility
Citizens interested in participating can submit their applications on the official platform until October 23, 2025. Eligibility criteria stipulate that applicants must be married or at least 25 years old, have been residents of Riyadh for a minimum of three years, and must not already be homeowners.
According to the RCRC, measures will be in place to ensure responsible land use. Specifically, restrictions on the resale or transfer of the plots mean that land purchased through the Real Estate Balance Platform cannot be sold, mortgaged, or otherwise disposed of for a duration of 10 years, unless necessary for financing construction.
Protecting Investment and Ensuring Compliance
If a plot of land is not developed within the specified time frame, the RCRC reserves the right to reclaim it and refund the original purchase price. The commission emphasizes that the timing of applications does not influence eligibility and that submission does not guarantee approval. It also warns applicants that tawazoun.rcrc.gov.sa is the only officially sanctioned digital channel for applications, advising against the use of intermediaries.
This initiative marks a significant step forward in addressing the housing needs of Riyadh’s residents, ensuring that opportunities to acquire affordable residential land are within reach. The Real Estate Balance Platform is expected to play a vital role in promoting stability and accessibility in the real estate landscape of Saudi Arabia’s capital.