His Excellency the Minister of Municipalities and Housing, Mr. Majid bin Abdullah Al-Hogail, confirmed that Riyadh is currently witnessing record levels of demand for building permits and real estate development, reflecting the entry of large amounts of real estate supply into the market during the coming period.
Riyadh City
Building permits.
In an interview with Al-Sharq on the sidelines of the 13th World Urban Forum in the Azerbaijani capital Baku, Al-Haqeel explained that the high volume of supply compared to demand contributes to achieving the required balance within the real estate market, indicating that the government is continuously monitoring the real estate sector in various Saudi cities to ensure market stability and timely intervention when needed.The minister pointed out that the real estate market in the Kingdom's cities is witnessing a state of stability, stressing that the competent authorities are working to monitor real estate indicators accurately, to ensure that price fluctuations are minimized and maintain the sustainability of growth in the sector.
Haqeel revealed that the General Authority for Real Estate is preparing to announce new indicators to monitor real estate price movements, especially if they exceed inflation rates for specific periods of time, in addition to following up the costs of vacant units and their availability in the market.
With regard to the real estate finance sector, the Minister of Municipalities and Housing explained that the strength of real estate finance portfolios and the regularity of Saudi families in paying their financial obligations have contributed to the expansion of real estate portfolios and offering them in international markets. He added that the first foreign offering in London witnessed widespread interest from more than 300 investors representing multiple geographical regions, reflecting the confidence of global investors in the Saudi market.
Haqeel stressed that the Kingdom aims to reach a real estate finance portfolio worth 150 billion riyals in foreign markets by 2030, as part of plans to strengthen the financial sector and support the growth of the Saudi real estate market.
Haqeel added.
