81 real estate developers have started constructing Ministry of Housing projects in five major cities, proving the sector's ability to meet housing demand, and the Ministry has finally realized the importance of partnering with the sector to accelerate housing solutions and increase the housing supply.

Launch

From Riyadh

After launching the first phase in Riyadh, which includes 830 apartments and has been fully marketed, and announcing thirteen real estate developers for the second phase, the ministry is preparing to announce the third phase to build 11,000 apartments in Jeddah and Dammam.

Although the number of housing units that have been marketed, or those that have been awarded and will be marketed next week, does not exceed 4% of the Ministry of Housing's total housing support requests. However, many see it as an important step, to diversify housing solutions, and not be satisfied with what the ministry is doing in the construction process, or offering a land and loan product, and diversify into products to accelerate the empowerment of beneficiaries.

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The Ministry of Housing also turned to amend its requirements with developers, reducing the maintenance years from ten to five years, rescheduling financial payments to developers, and rescheduling the external parking lots for residential buildings, provided that they are suitable for the number of apartments.

The Ministry of Housing has finally turned to modify its requirements with developers, reducing the maintenance years from ten to five years.

Eastern Province

The new winners of the second phase apartments have also commenced construction: In Dammam (Al Hakimiya, Imdad Najd, Tamkeen, Bin Sultan, Tamleek, Al Ra'im, Al Qudaibi - Shazen, Aldar Gate, Eastern Mada) In Qatif (Al-Ra'im), in Medina (Al-Issa'i, Tamleek, Imdad Najd, Al-Qudaibi - Shazan), and in Dammam (Al-Issa'i, Tamleek, Iwan, Smo, Makyon, Al-Qudaibi - Shazan). Completing its marketing plans, in preparation for the launch of sales in residential apartments.

This stage witnessed great competition between developers, in providing additional services, such as operation, guarding, and parking lots, which will enhance the value of the new products, and raise the level of competition between them during marketing work soon.

Partnership with Housing

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Many real estate developers believe that the experience of partnering with the Ministry of Housing has revealed the capabilities of developers, after removing the obstacles related to licenses that take several years in the case of major residential projects, with multiple evidence of major real estate development companies in Riyadh and Jeddah.

Many real estate developers believe that the partnership experience with the Ministry of Housing has revealed the capabilities of developers.

The year 2015 seems to bring with it more optimism for the Saudi real estate sector, as well as indications that the market prices will start to correct after a wave of rumors and speculation, especially with the clear direction to support the real estate development sector; and support the housing sector.