المملكة: Procedures for achieving real estate balance in Riyadh … effective solutions to meet the challenges of the sector

His Royal Highness Prince Muhammad bin Salman bin Abdulaziz Al Saud, Crown Prince, Prime Minister – may God protect him – directed the lifting of suspension from the lands of the north of Riyadh, after a stage of urban planning for the region, to enhance Riyadh’s position as one of the best international capitals for life and work, and generous approval was issued based on what was studied by the Royal Commission for the city of Riyadh.
The measures directed by His Highness the Crown Prince – may God protect him – confirm a number of concerned authorities regarding the lands of the city of Riyadh, the extent of the rational leadership’s commitment to provide effective and rapid solutions to face the challenges of the real estate sector in both residential and commercial parts, and to achieve stability in the real estate market in a way that reflects positively on individuals and the private sector.
The generous approval of what was studied in sensitivity came from the rational leadership position of the importance of enhancing the real estate supply, which is an enrollment of previous decisions supporting real estate development, so that the total of the recently arrested lands is 81,48 square kilometers, and in a way that contributes to promoting the urban renaissance in the city of Riyadh.

Real estate in the city of Riyadh

The generous directives will contribute to achieving the balance between supply and demand for real estate in the city of Riyadh, and to provide more real estate supply, in a manner that allows individuals and the private sector to obtain suitable options for their needs, and to achieve economic and real estate development at all levels.
It also reflects the generous guidance that the Royal Commission for the city of Riyadh work to provide housing lands planned with a number of 10 to 40 thousand pieces annually during the next five years according to the supply and demand, at prices not exceeding 1500 riyals per square meter, the priority that the rational leadership attaches to providing a decent life for Saudi families, and directly contributing to the enhancement of real estate supply, and in a manner that ensures the sustainability of development and achieving balance in the real estate market.
The measures directed by His Highness the Crown Prince – may God protect him – come with a number of authorities concerned with developing and monitoring the real estate market as a continuation of the efforts made that aim to save the market from harmful practices, and to ensure the provision of a suitable residential environment for citizens and reinforced commercial investment in line with the aspirations by making Riyadh among the largest city economies in the world.

Spending on residential real estate

The generous directives will contribute to stabilizing the weight of spending on residential properties from the total families spending, and supports the ability of the business sector and other sectors to afford real estate costs, and will also contribute to the stability of inflation rates in general in different sectors, which will result in an increase in their competitiveness.
The generous approval to take the necessary regulatory measures to issue the proposed amendments to the white land fees system, comes within the government efforts aimed at stimulating the development of lands, increasing the real estate supply, combating monopoly, and enabling citizens to possess adequate housing and enhance the quality of their lives.
The guidance also came to study the organization of the relationship between the lessors and the tenants to contribute to controlling the residential and commercial rents market, in a way that ensures the balance between the interests of the parties, and between the growth of supply and demand for rents, raising the attractiveness of living and investing in the Kingdom, through the ability to bear costs, protect the rights of all parties, contribute to the stability of the real estate sector, and enhance its sustainability as a possible sector for the growth of the Kingdom’s economy.

Monitor real estate prices

The generous guidance reflects the monitoring and monitoring of real estate prices, the extent to which the rational leadership is keen to raise the level of transparency and clarity, and that enables citizens and investors to make decisions in the real estate market effectively, and reflects positively on the Saudi economy, through a more stable and sustainable real estate market.
Efforts to accelerate the implementation of the measures directed by the rational leadership regarding the property indicate the extent of the government’s commitment to providing effective and rapid solutions to meet the challenges of the ability to own housing, and support the goals of Vision 2030 in providing a soft and sustainable residential environment.