Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail opened this morning <a style="color: #800000;" href="https://twitter.Future of Real Estate Forum 2024 in its third edition in Riyadh, and stressed that the ministry has boosted the real estate supply in the Kingdom since 2018 until the end of 2023 by offering 450 thousand units and residential land, and aims to boost this supply by nearly one million housing units until 2030 in partnership with major real estate development companies such as National Housing, Roshan and others from inside and outside the Kingdom.

Hoqueel pointed out that the Ministry of Housing and Urban Development has boosted the supply of housing in the Kingdom. <Al-Hogail pointed out that about 2,000 developers have been qualified, 765 plans with a total area of more than 16 million square meters have been approved, and infrastructure plans for more than 350 residential plans have been supported, and explained that the contribution of real estate activities to non-oil GDP reached 12.2 % and the contribution of the construction sector reached 11.3% until the third quarter 2023. He added that the contribution of banks and financial institutions in real estate loans exceeded 650 billion riyals and the number of state-subsidized loans reached about 750 thousand contracts. He said that the sector is linked to more than 120 economic industries, which emphasizes its importance.