RIYADH: The Royal Commission for Riyadh City (RCRC) has launched the Real Estate Balance Platform, enabling citizens to apply for residential land in the capital.

This initiative follows directives from Crown Prince Mohammed bin Salman to stabilize the property sector by making land available at affordable prices.The RCRC plans to provide between 10,000 and 40,000 plots annually over the next five years, with prices capped at 1,500 riyals ($400) per square meter.

Applicants must be Saudi citizens who are either married or over the age of 25, have resided in Riyadh for at least three years, and own no other property.

The deadline for submissions is October 23.Successful applicants will be required to build on their allocated land within a 10-year period; failure to do so may result in forfeiture.

Additionally, resale and transfer are prohibited during this time, except for mortgages used to finance construction.The RCRC emphasizes that registering on the platform does not guarantee allocation.

The sole channel for applications is the platform, available at TAWAZOUN.RCRC.GOV.SA.

For further details and updates, official RCRC channels will be utilized, with inquiries handled via its call center.