Real estate expert Engineer Laith Abdullah Al-Shibl stressed that during the first quarter of this year there were many requests for residential lands, and the Saudi Building Code caused an increase in real estate prices for licensed lands, as well as the prices of existing villas, indicating that many buyers through loans and housing support emptied without building completion certificates or a certificate of works.

Al-Shibl.

Al-Shibl expected, through his follow-up of the market movement, that the real estate market during this summer will witness stagnation within the limits of the average, then increase until prices inflate to reach the bubble quickly if fees are imposed on raw lands.

As for the impact of residential projects in Jeddah, there is no direct impact in most of its neighborhoods, noting that some projects that have been announced have faltered, and at the same time, Al-Shibl showed that there is a noticeable impact in the neighborhoods of North Jeddah by increasing real estate prices in it, noting that some developers have not started development, which is reflected in the real estate supply.

As for his reading of the near future, Al-Shibl predicted that the demand for buying residential lands will be great after the entry of the foreign investor, which will increase the percentage of ownership, which in turn will cast a shadow on the real estate scene.

In order to reach a balanced market so that real estate products suit the desires of buyers in price and design, Engineer Laith Abdullah Al-Shibl called for toughening the penalties quickly on white land hoarders in the areas north and south of King Saud Road - Abhar North - and South, annexing all plans north of King Saud Road and amending the urban area in the municipality from outside the urban area to inside the urban area, stressing that annual fees must be imposed retroactively, and Al-Shibl added that:(In the event that he does not register the land, the penalties determined by the competent authorities will be applied to them.)

Fuzan: The trend will be to buy apartments

In turn, real estate specialist Moaz Khalid Fouzan, Najd Regions Real Estate Office, explained that the demand is still continuing to own residential land, and attributed the rise in the prices of ready-made units of villas or houses to the increase in some costs in the construction and construction processes, and expected the trend in the coming period to be in the purchase of residential apartments in conjunction with an increase in residential rental value and a continued decline in the prices of commercial and agricultural land.

Alfouzan.

Al Fouzan emphasized that the housing projects that are being launched have a significant impact in enhancing supply and enabling demand, and increasing the percentage of residential ownership for Saudi families from 47% in 2016 to more than 60% in 2020 to reach 70% by 2030.

Al Fouzan stressed that the housing projects that are being launched have a significant impact in enhancing supply and enabling demand.