The Saudi International Real Estate Conference “SIRC4” insisted on the need to deepen the partnership with the private sector and establish a government company to maintain the balance of the real estate market, and issued 11 recommendations aimed at enhancing the role of the sector in the national transformation program, and the recommendations are summarized as follows:
- Deepening the principle of partnership between the public and private sectors, while involving the private sector in the review and enactment of regulations and procedures related to the sector, to ensure the optimal application and modernization of those regulations and procedures related to the sector, in line with the actual needs of the market and its regulation.
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- Supporting and establishing a government company to implement the real estate registration system to ensure the speedy implementation of the system in order to preserve the real estate wealth and stimulate and attract local and foreign investment in the real estate sector, with the importance of developing quick solutions for the issuance of sukuk to ensure their authenticity and accuracy until the end of the real estate registration system.
- Stimulate and encourage investment in specialized training in various real estate sectors such as development, marketing, asset and property management, and facilities management.
- Establishing specialized judicial chambers to resolve sukuk issues to speed up their resolution, which contributes to putting real estate products on the market, which in turn leads to a balance between supply and demand.
- As well as the speedy completion of the requirements for the work of the National Real Estate Authority to include under its umbrella all regulations and procedures related to real estate to facilitate the regulation, monitoring and development of the sector and stimulate investment, and the importance of the availability of reliable data, information and indicators related to housing to ensure a transparent market and support decision makers.
- Emphasize the need to establish a data and information center specialized in real estate information and update it periodically.
Encourage the establishment of savings funds to facilitate home ownership and raise awareness about saving.
- Encouraging modern building systems and solutions applied globally to reduce costs and shorten implementation time without compromising quality, with the importance of applying the Saudi Building Code.
- Activating the system of ownership and sorting of shared housing units, owners' associations, and raising awareness about affordable housing suitable for families,
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- Encouraging and supporting the electronic transformation of all government procedures to save time and effort and ensure quality and transparency in line with the state's directions and vision,
- Taking advantage of endowments to invest in social housing projects, one of the most important sources of real estate financing.
