Dr. Muhammad Al-Qarnas, CEO of Tamkeen Real Estate Development, confirmed that sales of off-plan projects in the Kingdom recorded a significant jump in 2024, reaching a value of more than 140 billion riyals, with 192 projects licensed, comprising 104,000 residential units.
Al-Qarnas explained that these figures reflect the positive growth witnessed by the real estate development sector, noting the efforts made to strengthen financing and governance in the sector to ensure the rights of all parties involved in real estate projects are protected. He added that the General Real Estate Authority seeks to provide a supportive environment for real estate developers, thereby contributing to their success and attracting more local and foreign investment.
Product Diversification and Value Enhancement
Al-Qarnas noted that the Authority is working to diversify real estate products, which include off-plan sales, real estate contributions, in-kind contributions, unit allocation, and rental services. He emphasized that these efforts aim to enhance the value of real estate development in the Kingdom and unify efforts under a single regulatory umbrella, thereby contributing to the achievement of the desired goals.
Achievements of 2024 and Aspirations for 2025
Al-Qarnas said: “What was achieved in 2024 reflects the solidarity and teamwork within the Authority, as we were able to make a significant leap forward compared to previous years. As we enter 2025, we aspire to achieve even greater goals that will serve the real estate sector and enhance its appeal to investors.”
He added that the Authority is working to support real estate developers so they can become strategic partners in implementing successful projects, noting that this partnership contributes to fulfilling the sector’s aspirations and strengthening its position as a key driver of the national economy.
A Sustainable Vision for Growth
Al-Qarnas concluded his remarks by emphasizing that the Authority will continue working to improve the real estate development environment in the Kingdom and ensure sustainable growth that positively impacts all stakeholders, whether developers or investors, stressing the importance of attracting more local and international investments to propel the sector toward new horizons.
Dr. Mohammed Al-Qarnas, CEO of Tamkeen Real Estate Development, spoke about the current state and future of #Real Estate Development in the Kingdom pic.twitter.com/eJF11y2Tjg
— General Real Estate Authority (@REGA_KSA) February 6, 2025
