Occasions always arise that prompt us to connect things with one another, and here is the Restatex Real Estate Exhibition in Riyadh, returning for a new edition to remind us that a year has passed—so what’s new in the real estate sector and its market? It returns, and with its return, the realities of the real estate market are revealed, the uncertainty that has shrouded the sector clears, the picture becomes clear to citizens and visitors alike, and this major exhibition —which brings together the real estate sector, its industry professionals, and decision-makers—the reality of the major challenges facing the Ministry of Housing and the Real Estate Development Fund.
And the undeniable truth is that the issue of housing for citizens remains the state’s greatest concern, as evidenced by the visible efforts that demonstrate our wise leadership’s commitment to citizens" well-being and to providing them with housing, In order for experts and specialists to assist the authorities concerned with this issue, there must be a thorough and official analysis of the Ministry of Housing’s current situation and achievements, conducted with complete transparency, so that the media and the public may know the truth of what has actually been delivered on the ground, and so that it may be officially announced each month—by name—how many citizens have received their homes, how many have defaulted, and whose names have been removed from the list? How many beneficiaries refused to accept their housing units on the grounds that they did not meet their expectations—especially since the Ministry releases monthly figures on housing units and financing, which reached approximately 280,000 units in 2017, and another 84,000 in installments from 2018 through April of this year!! These figures have led to a lack of trust among citizens in the Ministry, the Real Estate Fund, and developers, making the future uncertain and unclear!!
The Real Estate Fund must disclose the reasons for the reluctance to borrow among those whose names have been announced, along with the underlying causes. Where does the problem lie? Is it related to the developers or the lenders? This vicious cycle has undermined the Ministry’s efforts and initiatives, leaving it bewildered as it scrambles between developers and lenders—both of whom lack solutions and mechanisms— citing risks—especially with the disastrous off-plan sales systems—and even the alternatives to borrowing and support are unclear to Housing Ministry staff, citizens, and the media; »Does anyone understand anything?!!«
Unfortunately, those whose dreams were within reach have been left behind… and so have those who were hopeful, while everyone waits on the shores of a mirage for a home and a shaded dwelling.
And if we take, for example, our previous experience with Riyadh Housing, Al-Khobar Housing, and the Ministry of Defense and National Guard housing, we find that a construction boom and housing projects are not only possible but even easier—and of higher quality and more equitable—if the government takes the lead and distributes the housing to those who are eligible, with affordable installment plans for citizens upon completion. Here we will see the reality as we observe the various stages of construction, projects, and multi-story complexes right before our eyes, and citizens will await the handover of their housing units with great hope as they witness the construction progress on the ground—not just on paper or on a map.
