Mr. Majid bin Abdullah Al-Hogail, Minister of Housing, stressed the importance of developing sustainable and not emotional solutions for the current and future generations to the housing issue, raising the efficiency of the organization work and using engineering expertise and specialists so that those entitled to housing can find the appropriate products for them. He pointed out that the ministry has taken good steps towards finding satisfactory solutions to the housing issue that will be announced soon. The first axis is the importance of finding real information about the real estate market, stressing that the available information is just diligence, which led to the weakness of the market, while the second axis included the issue of supply, where His Excellency pointed out that the supply does not exceed 25% while more than 75% of segments do not have products suitable for them, while the third axis includes demand, indicating that according to available figures, the market needs one million and five hundred thousand housing units, and the fourth axis included the management of government agencies.
The Minister said that the Ministry has taken good steps towards satisfactory solutions to the housing issue, which will be announced soon.
This was the first axis of the housing sector in which the importance of finding real information about the real estate market is highlighted. <This came during the first meeting between the Minister of Housing and real estate developers organized by the National Real Estate Committee of the Council of Saudi Chambers, which was attended by the President of the Council of Saudi Chambers, Dr. Abdulrahman bin Abdullah Al-Zamil, and a crowd of investors and those interested in the real estate field. The Minister of Housing called for the need to rely on figures and real information in dealing with the issue of housing and working to overcome all obstacles and challenges that prevent the creation of housing.
For his part, the Chairman of the National Real Estate Committee of the Council of Saudi Chambers stressed the importance of real estate developers. For his part, the Chairman of the National Real Estate Committee of the Council of Saudi Chambers, Hamad Al-Shuwaier, stressed the importance of the sector's partnership with the ministry as an urgent requirement to come up with appropriate solutions stemming from experts, and that it will not be easy unless there is harmonization between the common goals to achieve an effective strategy for the future of housing and to meet the desire of the leadership to secure the appropriate housing for every citizen, and called for the need to take steps to facilitate government procedures related to the real estate and housing sector, noting that what was proposed for this meeting and what will be presented addresses many of the concerns of developers and their relationship with the Ministry of Housing.
Al-Shuwayyar valued the role of real estate developers by saying that it represents a fulcrum with its importance and the ability of some entities to provide appropriate and innovative housing solutions through their great skills and capabilities, which gives reassurance in the proper, tight and fast implementation that leads us to give a strong and solid boost to our national economy as well as meet the needs of people in securing housing for them.
He invited the Chairman of the National Committee to attend the meeting. The Chairman of the National Real Estate Committee of the Council of Saudi Chambers called on the Ministry of Housing to provide more incentives for real estate developers to make investment in the housing sector more attractive, which contributes to pumping more housing units into the market with the need to find a fair balance of potential risks on the private sector, stressing that good coordination and infrastructure readiness will have a great impact on completing the projects as required.
The Chairman of the National Real Estate Committee of the Council of Saudi Chambers called on the Ministry of Housing to provide more incentives for real estate developers.
Al Shuwaier thanked the Minister of Housing for his interaction and response to the invitation to hold this important meeting to discuss aspects of cooperation between the Ministry and real estate developers, believing in the importance of the partnership between the private and public sectors, stressing that this partnership.
