Under the patronage of His Excellency Majid bin Abdullah Al-Hogail, Minister of Municipal and Rural Affairs and Housing, Dr. Fahad bin Abdullah Al-Dosari, President of the General Authority for Statistics, participated in a panel discussion titled “The Future of Real Estate: Advanced Management and Data Analysis,” held as part of the Global PropTech Summit in Riyadh, attended by a select group of industry experts, investors, real estate developers, and leading global technology companies.
Dr. Fahad bin Abdullah Al-Dosari, President of the General Authority for Statistics, said, that the Authority contributes to achieving the goals of Saudi Vision 2030 by producing and measuring numerous Vision indicators, such as those related to gross domestic product, inflation, employment, education, industry, entertainment, sports, and other areas.
In his speech during one of the sessions on the first day of the the World PropTech Summit, that the General Authority for Statistics has worked to develop an advanced digital infrastructure, which included developing a data lake, building statistical registers, and using advanced tools and technologies for survey procedures and data processing.
During his presentation, Al-Dosari announced the launch of the Real Estate Price Index, an index for which the General Authority for Statistics updated the methodology for calculating the economic indicator that measures changes in real estate prices for the residential, commercial, and agricultural sectors on a quarterly basis, and the base year for the product has been updated to 2023.
He noted that the General Authority for Statistics has updated the methodology for calculating the Real Estate Price Index to keep pace with developments in the Kingdom’s real estate sector, in addition to applying international best practices.
He explained that the Authority is working to develop a number of indicators through which price movements and changes in the real estate market from one period to another can be monitored, including: the Construction Cost Index and the Producer Price Index (PPI).
Al-Dosari explained during the panel discussion the role of the General Authority for Statistics in developing and enabling the digital transformation that has contributed to the diversification of data sources to ensure the quality of statistical products and the comprehensiveness of indicators. Data sources include statistical surveys (field, telephone, and self-administered online), the use of administrative records, and other data sources such as satellite and geospatial data, which have enhanced the efficiency of statistical work and contributed to the production of high-quality statistical products more quickly and accurately.
In the same context, Dr. Fahad Al-Dosari said: “Through continuous planning and institutional development, we have been able to raise the level of performance regarding the development of statistical products and indicators, identify the needs and opportunities of the private sector in the field of statistical information and data, and emphasizing the collaborative work between the Authority and private-sector partners, which has positively contributed to the success of our joint efforts. We have also strengthened cooperation to keep pace with the development and transformation process underway at the General Authority for Statistics, in addition to leveraging advanced statistical programs and products that increase commercial and investment opportunities across various fields.
He added: In recent years, the scope of statistical work has expanded, and the statistics sector in the Kingdom of Saudi Arabia has undergone significant transformations, through statistical initiatives and projects led by the General Authority for Statistics; with the aim of producing statistical data and indicators, as well as continuously developing the integration of various data sources using the best data management and governance infrastructures and continuously improving mechanisms for the exchange of statistical data.
In closing his remarks, Al-Dosari thanked the General Real Estate Authority for their hospitality and their ongoing cooperation with the Statistics Authority to produce the best, most accurate, and highest-quality indicators and data.
Tomorrow, the Saudi capital Riyadh will host the ”Global PropTech Summit," organized by General Authority for Real Estate Under the patronage of His Excellency the Minister of Municipalities and Housing, Mr. Majed bin Abdullah Al-Hogail, and in strategic partnership with the National Housing Company (NHC). The summit is witnessing a large turnout of prominent figures, global experts, and specialists in the fields of real estate and real estate technology, in addition to more than 100 speakers representing 80 countries, who will share their experiences and expertise with thought leaders and CEOs of major real estate and real estate technology companies, as well as investors from around the world.
The summit’s discussions center on the digital transformation journey in the real estate sector and the role of emerging technologies in shaping the future of ”proptech,“ as well as the latest innovations in modern construction technologies, virtual reality, and artificial intelligence, which contribute to the automation of real estate operations and services. The summit also highlights the applications of ”proptech" solutions in urban development and their role in making smarter decisions to enhance investments and financial sustainability.
In addition, the summit will host a group of leading real estate platforms, fintech companies, entrepreneurs, and experts, as well as consulting firms, training institutes, and developers. The events include a number of launches and agreements that support the real estate technology sector. The summit also covers multiple themes, most notably: legislation governing real estate technology, innovation and entrepreneurship, and the role of 3D printing technology in turning blueprints into reality.
The summit provides a platform for collaboration with global entities and a gateway for startups and leading companies to showcase their innovative solutions and meet investors and venture capitalists, as the volume of investments in the ”PropTech” market reached US$42.13 billion in 2023, with the number of active investors rising to 3,347 and 2,177 leading companies worldwide. With its strategic geographic location connecting three continents and the strength of its real estate market, Riyadh represents an ideal launchpad for global innovations in real estate technology, reinforcing the Kingdom’s role as a leading hub in this field.
