Sheikh / Osman bin Sulaiman Al-Majid, Chairman of the Board of Directors of Assas Real Estate Company, told Amlak newspaper that the real estate solutions put forward by the government under the guidance of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz, the latest of which was the orders he gave to speed up the process of handing over government lands to Saudis and granting them “construction” loans, are partial solutions in light of the steady urban growth and inflation witnessed by the Kingdom and the worsening housing crisis.

We need more policies to close the gap
The study presented by the University of Business and Technology, titled «The Housing Crisis in Saudi Arabia. The study showed that the expected demand for housing in Saudi Arabia during the next ten years is expected to reach one million and 761 thousand housing units, while the total expected supply reaches one million and 300 thousand housing units, and as a result, the demand and supply gap of housing for the next ten years will be 453 thousand housing units, meaning that we still need more economic, real estate and development policies to bridge this gap between supply and demand.
Integrated solutions as one package
Al-Majid added that solutions to the housing crisis and real estate issues must be presented to the real estate market as a single package and complementary, whether from the formation of appraisal bodies (the Board of Certified Valuers Authority) or the organization of real estate work and fighting randomness in real estate companies and offices and opening the fields of financing and mortgage constitute a percentage of solutions that do not close the existing gap.

The Chairman of the Board of Directors of Foundations Real Estate Company also referred to the steps taken by Foundations Real Estate Company to organize the real estate work at the level of its department from giving the real value of the real estate eye and managing the sales operations with contracts and sales and purchase declarations between both parties to the process and the manufacture of applications and transfer of real estate transactions from the familiar form to the official form approved by making studies and reports for all real estate transactions and trades from selling, buying, renting, valuation, property management and arranging all mentioned operations with organized templates to reduce randomness.