The President of the General Real Estate Authority, Engineer Abdullah bin Saud Al-Hammad, met last Wednesday with members of the Saudi Association of Opinion Writers “Ra’i,” during a meeting hosted by the association in Riyadh. The meeting aimed to highlight and review the regulatory and legislative aspects as well as the range of services provided by the Authority, as well as to strengthen its role in enhancing transparency and awareness among all stakeholders in the real estate sector in partnership with the media and opinion leaders.
The Chairman of the Real Estate Authority noted that the government’s focus on the real estate and housing system and the enactment of real estate legislation and regulations; has contributed to enhancing the competitiveness and growth of the Saudi real estate market. He noted that the launch by His Royal Highness the Crown Prince—may God protect him—of the Saudi Architecture Map embodies a celebration of the architectural heritage, an enhancement of quality of life, and the development of the urban landscape in Saudi cities, and that the "Map" is part of the Kingdom’s commitment to developing sustainable urban cities that harmonize with the local environment and incorporate traditional architectural styles using modern methods. It allows for the use of local building materials without imposing additional financial burdens on owners or developers, making it a driving force behind urban growth to increase the real estate supply, thereby achieving the target of the Housing Program—one of the Saudi Vision 2030 initiatives—to reach a 70% homeownership rate among citizens.
He explained that the real estate and housing system in Saudi Arabia has undergone a qualitative leap over the past few years, driven by a regulatory framework that laid the foundations and pillars to advance the value chain in the real estate sector
It has charted a clear path for all stages and activities contributing to real estate development and management, from planning and organization to operation, maintenance, and redevelopment, in addition to aspects that enhance its effectiveness and achieve high levels of transparency and governance, as well as the development of construction and building technologies, and the adoption of modern real estate technologies such as artificial intelligence, virtual reality, the Internet of Things, and others, thereby creating an attractive real estate investment environment for local and international investors.
He emphasized that the Authority currently oversees more than 95% of the real estate sector’s value chain in cooperation with relevant authorities, and that the real estate registration system, the real estate brokerage system, the system for the sale and lease of off-plan real estate projects, and the real estate contribution system have contributed to raising the quality of real estate transactions and providing a secure investment environment, safeguarding the rights of all transacting parties. Additionally, the Ejar platform, with its digital services, has contributed to organizing, facilitating, and accelerating rental transactions and has become a model that can be exported globally.
It is worth noting that the meeting emphasized the role of media professionals and opinion writers in the development and sustainability of the real estate sector and that the "Authority," through its partnership with media sectors and media professionals and its provision of open data; aims to promote the principles of transparency and clarity upon which the comprehensive strategy for the real estate sector was built, believing that information within and about the real estate sector can have a direct impact on individuals, companies, institutions, the economy, and its overall image.
