Minister of Municipalities and Housing, Majid Haqeel, stressed that off-plan sales and real estate brokerage systems have played a pivotal role in regulating the real estate market and enhancing its efficiency.
Haqeel said in statements on the sidelines of his participation in the Future of Real Estate Forum. In remarks on the sidelines of his participation in the Future of Real Estate Forum, Al-Hakeel explained that all land-related systems, from planning and selling to development and use, have become more developed and mature, which reflected positively on the performance of the sector.
Al-Hakeel said in remarks on the sidelines of his participation in the Future of Real Estate Forum. <During his participation in the Future of Real Estate Forum, the minister revealed that the Kingdom's real estate sector recorded remarkable growth in 2024, with the growth rate reaching 6.49%, registering an increase of 14% compared to the previous year. The construction sector also witnessed a growth of 5.49%, an increase of 7% from last year, while the contribution of the municipal sector to the economy amounted to about 14%, reflecting the significant expansion of the housing and urban development sector in the Kingdom.
Huqail pointed out that the Kingdom's real estate sector is growing at a remarkable rate of 6.49%, registering an increase of 14% from the previous year. <Al-Hogail pointed out that 2025 will witness a boom in the housing supply, as the ministry aims to pump more than 20,000 housing units at prices below 450,000 riyals for citizens entitled to housing support, with the aim of achieving a price balance in the market. The ministry also plans, in cooperation with the private sector, to offer more than 140,000 housing units at prices below 850,000 riyals in various major cities, enhancing opportunities for citizens to own suitable housing at competitive prices.
The minister emphasized that these efforts will contribute to economic development, noting that the ministry is working to accelerate the pace of construction by signing agreements with local factories to establish factories within major housing projects, such as Khuzam and Al Fursan, to ensure adherence to timelines and delivery of integrated units to beneficiaries.
The ministry is also planning to introduce 140,000 housing units with prices below SR150,000 in various major cities, enhancing the opportunities for citizens to own suitable and competitive housing.
