Al-Huqail: Real estate in KSA stabilizes
The Minister of Municipal and Rural Affairs and Housing in the Kingdom, Majid Al-Helai, confirmed that the real estate market in the Kingdom is moving toward reducing speculation, increasing focus on development projects, and expanding supply. He explained that the market has experienced a clear decline in the exaggerated pricing that was prevalent before, with a balanced pricing trend especially in peripheral areas with fewer services, while prices remain stable within fully serviced neighborhoods. He also emphasized that new policies, such as the White Land Tax program, aim to stimulate development and increase real estate supply, with over 27 million square meters having been submitted for development permits, contributing to market stability. Additionally, he noted that standardizing real estate procedures and regulations across the Gulf contributes to attracting investments and enhancing the efficiency of the sector, thereby supporting sustainable economic growth.
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