Housing Minister Majid bin Abdullah Al-Hogail confirmed that the Department of Housing Studies and Monitoring, whose establishment was approved by the Council of Ministers, will work to address the scarcity of official data on the sector. Its role will have a positive impact on enhancing clarity and transparency in the housing market, thereby encouraging investors to inject new funds into housing projects and increasing the supply of housing, which will drive growth in the housing sector and help achieve the objectives of the “Housing” program, one of the programs under the Kingdom’s Vision 2030. emphasizing that it will have a direct impact on increasing the housing sector’s contribution to GDP and boosting non-oil revenues, in addition to the tangible benefits citizens will see from increased mortgage lending, creating new jobs in the sector, and facilitating home ownership by reducing the ratio of the average housing price to average income.
On this occasion, Al-Hogail expressed his thanks and appreciation to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Royal Highness the Crown Prince, His Royal Highness Prince Mohammed bin Salman bin Abdulaziz —may God protect them—for their unlimited support of the housing sector in the Kingdom, while also welcoming today’s Cabinet decision approving the establishment of a General Directorate for Housing Studies and Monitoring within the Ministry.
In a press statement, the Minister of Housing emphasized the importance of this department, which will serve as the primary reference for all matters related to housing monitoring in the Kingdom. Through it, efforts will be made to monitor, collect, and analyze data relevant to the housing sector, in addition to its role in providing accurate price indicators that enable citizens to make better decisions and identify market vacancies, as well as preparing and publishing reports on housing studies and research in coordination with relevant authorities, and establishing a comprehensive housing database based on administrative records and enhancing it with geographic information systems.
