The decision by the Custodian of the Two Holy Mosques, King Abdullah bin Abdulaziz, may God protect him, issued last week, to transfer all government-owned land designated for housing—including approved plans for municipal land grants—to the Ministry of Housing to oversee their planning and development—is undoubtedly a timely decision that presents the Ministry of Housing with a major challenge. There will be no excuse for ”the Ministry of Housing,” which has long attributed the slow pace of housing unit construction to a lack of land. Now that it has tens of millions of plots of land at its disposal, citizens will not accept any excuses or delays in the construction of housing units.
The decision by the Custodian of the Two Holy Mosques, may God protect him, came at a time when land prices have reached astronomical figures… traded by a certain group, and speculation in land prices has become evident to the public—and indeed, to the media… Despite the invention of euphemisms to conceal this speculation, this historic decision will gradually restore things to normal and will soon put an end to the chaos in land prices... In fact, it will lead to a significant drop in real estate prices and rents, in addition to the economic and social benefits this decision will bring.
Thanks to this decision, citizens’ aspirations have risen and their opportunities to own homes have increased, as the decision is intended to accelerate the construction of housing units and thereby resolve the housing crisis.
Nearly two years have passed since the King’s decision to construct half a million housing units at a cost of a quarter of a billion riyals, but implementation has not lived up to the decision—nor to the citizens’ aspirations.
Many citizens and businesspeople have praised our King’s historic decision, and citizens have celebrated it in their gatherings in their own special ways; the decision has become the dominant topic of conversation in these gatherings and on social media platforms. In fact, its impact reached regional and international media outlets, which covered it in detail. It undoubtedly supports the Ministry of Housing’s efforts to organize the housing empowerment mechanism and enhances citizens’ opportunities to own housing units. The royal decrees regarding housing and the Real Estate Fund, issued by the Custodian of the Two Holy Mosques, King Abdullah bin Abdulaziz Al Saud —may God protect him— will provide suitable housing for citizens to ensure they lead a dignified life, and they underscore the leadership’s commitment to ensuring a dignified life for all citizens.