The CEO of the International Real Estate Development Company, Mr. Ibrahim bin Muhammad Rizq Allah Al-Zahrani, the return of real estate exhibitions, explaining that the real estate sector’s trajectory in terms of supply and demand over the past two years has faced pressures and difficulties that have affected its stability and resilience, In fact, there has been a clear decline in prices due to an oversupply and low demand caused by the spread of the coronavirus and certain rumors circulating on some social media channels, as well as from real estate offices and companies—and we do not know the intent behind this.
Revitalizing the Real Estate Market and Reviving Supply and Demand
Al-Zahrani stated in an exclusive interview with the newspaper “Amlak” that the return of real estate exhibitions at this time coincides with a factor influencing the real estate market’s movement and the recovery of supply and demand, and that prices have risen above previous levels due to the implementation of projects in informal residential neighborhoods, which reduces supply and increases demand.
Al-Zahrani added: “There is no doubt that the return of real estate exhibitions has both direct and indirect effects; they increase the volume of demand, which in turn leads to a striking rise in prices, which results in harm to all parties—citizens and investors alike—hence the need for oversight by the Ministry of Commerce and the General Real Estate Authority and their effective role in curbing real estate manipulation.
Regulating Real Estate Transaction Prices
Regarding real estate transactions, Al-Zahrani emphasized that real estate exhibitions are at the forefront of this sector, as they feature the largest possible number of land plots and development plans to be marketed and priced in line with the ambitions of these exhibitions and real estate companies. I anticipate the issuance of new regulatory decisions in the real estate sector under the direct supervision of the Ministry of Commerce and the General Real Estate Authority, which will positively impact these exhibitions and companies that play a major role in the construction and development of many cities across our beloved Kingdom.
Al-Zahrani expressed his thanks and appreciation to the Kingdom’s wise government, led by the Custodian of the Two Holy Mosques and his trusted Crown Prince, for their commitment to serving citizens and providing comfort to citizens and residents of this bountiful homeland; the real estate sector is considered one of the most important pillars of the national economy.
