The National Real Estate Committee of the Council of Saudi Chambers announced that it will host the fifth edition of the Saudi International Real Estate Conference “SAIREC 5” under the theme “The Role of the Real Estate Sector in Maximizing Gross Domestic Product” during the period of March 6–7, 2019, in the capital Riyadh, under the patronage of Minister of Housing Majed Al-Hogail and with broad participation from government and private entities related to the real estate sector, as well as a select group of local and regional speakers. This was announced during a press conference organized by the National Real Estate Committee, the event’s organizer, on Monday at the headquarters of the Council of Saudi Chambers. The conference will bring together real estate companies, mortgage finance companies, and industry stakeholders
Laying the Right Foundations to Resolve Real Estate Issues
For his part, Committee Chairman Hamad Al-Shuwaier revealed that the conference “Serc 5″ aims to lay the proper foundations for the future of the real estate market in the Kingdom, contribute to the development of regulations and legislation pertaining to the Saudi real estate market and mortgage finance companies, study and analyze new decisions, procedures, and regulations in the real estate sector, and anticipate their impact on real estate activity and the national economy, as well as building a clear future for this market that attracts investors based on scientific, professional, and expert principles, supporting its role in the national economy in line with the aspirations of Vision 2030.
Al-Shuwaier emphasized the particular importance of the CIRC 5 conference, as it comes following the Kingdom’s announcement of Vision 2030, which relies heavily on the role of the national real estate sector in many aspects, most notably its expected role in diversifying sources of income, developing infrastructure, implementing projects related to tourism and entertainment, as well as housing projects and home ownership for citizens, alongside creating job opportunities to help localize employment.
The real estate sector accounts for 11.1% of GDP
Hamad Al-Shuwaier, Chairman of the National Real Estate Committee at the Council of Chambers, revealed that The real estate sector accounts for 11% of GDP, with hopes that the sector’s contribution will increase in the future, noting that the conference will address investment opportunities in educational buildings, the endowment sector, and residential projects in collaboration with the Ministry of Housing, as well as public transportation projects—one of the Public Investment Fund’s initiatives—and other projects.
He said that the real estate market has succeeded in achieving balanced growth over the past period as a result of radical changes among investors in modern and innovative real estate investment areas, as well as the growth of economic sectors, which has boosted demand in the real estate sector, adding that investors in the real estate sector have many aspirations that support the sector’s growth, thereby contributing to the wise leadership’s goals of diversifying sources of income. Perhaps the most important of these is the effective implementation of regulations issued by government agencies, including the activation and enforcement of regulationsand procedures that support the sector’s growth, such as the real estate valuation system and regulations pertaining to banks and real estate finance companies.
Five Main Themes at “SERC 5”
Five main themes have been identified to be covered by the conference, namely:
- Maximizing the real estate sector’s contribution to GDP.
- Real estate investment opportunities available through Vision 2030 programs.
- Regulations, information, and their importance in stimulating the real estate market.
- The role of the real estate sector in economic growth: international experiences.
Achievements and recommendations from previous sessions
Al-Shuwaier praised the effective partnership between the Ministry of Housing and the National Real Estate Committee in developing the real estate sector, providing housing for citizens, and organizing the SAIRK conference.
Thanks to the state’s support and partnership, the conference has achieved successes in its previous sessions and produced effective recommendations that have been implemented, such as:
- Establishment of the General Real Estate Authority.
- Establishment of General Authority for Residents.
- Declaration Mortgage System.
- Create Real Estate Courts.
