The speculation in white lands, especially those located within the urban area, has led to the price of land to reach more than 65% of the value of the property, which led to a rise in the prices of housing units to record highs never reached before.
The Custodian of the Two Holy Mosques intervened at the right time and issued decisions that serve the citizen and reduce the housing crisis. This was preceded by decisions in the same framework, such as raising the value of the mortgage loan, dropping the land requirement, mortgage and other measures that serve the country and the citizen.
We can say with confidence that after these royal decisions, a corrective and expected movement has begun to organize and regulate the real estate market. But strangely enough, these decisions have not been reacted to by real estate developers and financing companies and banks in the required manner, although there is a small movement from some national real estate and businessmen here and there, but it is not at the level of the ambition of citizens, who were hoping for a movement at least close to the level of the royal decisions... The good signs appeared with the issuance of the royal orders, as rents stabilized with an abundance of real estate, especially commercial... Also, residential property owners began to stabilize the rental prices of residential units after they remained year after year to increase rents.
We hope that real estate development, financing, construction and construction companies will respond appropriately to the royal decisions. We expect in the coming period to witness alliances by companies, financing banks and real estate development companies in order to keep pace with the recent movement to contribute strongly to solving the housing crisis.
