Riyadh General Real Estate Authority (RGRA).
Balancing the real estate sector
Al-Hammad stressed that the announcement by His Highness the Crown Prince - may God protect him - of the generous approval of a number of measures to achieve balance in the real estate sector in Riyadh reflects the keenness of the wise leadership to serve the interest of the citizen, which comes first by providing effective and quick solutions to meet the challenges of the real estate sector, both residential and commercial, in a way that reflects positively on the regulation of the market and achieving justice and stability, and that the directives came from the wise leadership sensing the importance of enhancing the real estate supply and controlling fluctuations that affect housing ownership or commercial investments in light of the urban renaissance in the city.Riyadh's real estate sector is one of the most popular and most important sectors in the country. <He pointed out that the directive will contribute to achieving a balance between supply and demand for real estate in the city of Riyadh, providing more real estate supply, allowing individuals and the private sector to obtain suitable options for their needs, and achieving economic and real estate development at all levels, in addition to the directive to provide 10-40 thousand pieces annually during the next five years according to supply and demand at prices not exceeding 1500 riyals per square meter, in addition to the lifting of suspensions on the lands north of Riyadh after a phase of the urban plan for the region, following the previous decisions supporting real estate development, bringing the total of what has been lifted from the He explained that the directive of His Highness the Crown Prince on a number of government agencies, including the General Authority for Real Estate, to develop, monitor and control the real estate market and prices, and study the regulation of the relationship between landlord and tenant will contribute to controlling the residential and commercial rental market, ensure a balance between the interests of the parties and the growth of supply and demand for rents, raise the attractiveness of living and investment in the Kingdom through affordability, protect the rights of all parties, contribute to the stability of the real estate sector, and enhance its sustainability as an enabling sector for the growth of the Kingdom's economy.
White Land Fee Amendments
The President of the Real Estate Authority added that the generous approval to take the necessary legal procedures to issue the proposed amendments to the White Land Fees Law in an urgent manner within a period not exceeding (60) days comes within the government's efforts to stimulate land development, increase housing supply, and combat monopoly, to enable citizens to own adequate housing and enhance their quality of life, and that efforts to expedite the implementation of the directives of the wise leadership on real estate reflect the government's commitment to provide effective and rapid solutions to address the challenges of housing affordability, and support the objectives of the Kingdom's Vision 2030 in providing an affordable and sustainable housing environment.Real Estate Authority President added that the approval of the White Land Fees Law comes within the government's efforts to stimulate land development, increase housing supply, and combat monopolies to enable citizens to own appropriate housing.
