23 Hrs
Source:
الاقتصادية
Saudi Housing Minister: Market Shifts Toward Stability
The Saudi Minister of Municipal and Rural Affairs and Housing, Majid Al-Haqqail, confirmed that the real estate market in Saudi Arabia is undergoing a major transformation from a market dominated by speculation to one led by real estate development and increased property supply. He explained that current indicators show a reduction in the inflated pricing that was prevalent before, reinforcing the concept of a market based on long-term investment rather than speculation. He also assured that the market in Riyadh has become more stable, especially in peripheral areas with fewer services, while prices are beginning to stabilize more in well-integrated urban districts. Additionally, he noted that programs such as the White Land Tax contribute to stimulating development and boosting real estate supply, with over 27 million square meters of development license applications received. He emphasized that increasing the supply helps achieve market balance and diversifies the range of real estate products. Furthermore, he highlighted the importance of unifying real estate standards and procedures regionally across the Gulf Cooperation Council to enhance market efficiency and attract foreign investments. He affirmed that these efforts help improve the investment environment, facilitate real estate transactions, and promote sustainable development in the region.
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