The CEO of the Royal Commission for Riyadh City, Engineer Ibrahim Al-Sultan, expressed his thanks and appreciation to His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister—may God protect him—for his gracious directive to lift the moratorium on a group of plots of land north of Riyadh, bringing the total area for which the moratorium has been lifted to 81.48 million square meters. This is part of a number of measures he has directed – may God protect him – and related to the real estate sector, and out of his desire – may God protect him – to achieve balance across all sectors in the city of Riyadh.
He noted that His Royal Highness the Crown Prince’s directive—may God protect him—to lift the moratoriums on lands north of Riyadh came after a phase of meticulous urban planning, reflecting the wise leadership’s determination —may God support it—to elevate the city of Riyadh and achieve a balance between urban growth and sustainable development, and this gracious directive represents a strategic step toward enhancing the real estate supply, providing zoned land to meet residential and commercial needs, and contributing to market stability,” he added: “This directive reflects His Highness’s—may God protect him—continuous monitoring of developments and trends in the real estate sector and reinforces Riyadh’s position as one of the world’s best capitals for living and working. Furthermore, this gracious directive underscores His Highness the Crown Prince’s commitment and close attention —may God protect him—for all matters related to the needs of citizens and residents in Riyadh and all cities of the Kingdom. It will help balance prices in Riyadh and thereby increase the attractiveness of investment in this vital sector, which contributes significantly to the gross domestic product...
He explained that the measures directed by His Royal Highness the Crown Prince—may God protect him—to a number of relevant authorities regarding land in the city of Riyadh embody a comprehensive vision that prioritizes the needs of citizens, and affirm the leadership’s commitment to accelerating the pace of real estate development to ensure a competitive urban environment that enhances quality of life and supports the local economy, and contributes to increasing homeownership rates by providing options for those seeking housing, while supporting the objectives of the Housing Program—one of the programs under Saudi Vision 2030— This represents a significant step aimed at regulating the residential and commercial rental markets in Riyadh, keeping pace with the capital’s population and economic growth, thereby enhancing Riyadh’s appeal as a destination for living and investment.
He continued: “The Authority will immediately begin work on implementing His Highness’s directive—may God protect him—to provide developed and planned residential land for citizens. Work is underway to launch a platform to receive and process applications, which will be announced soon, In addition, the General Real Estate Authority and the Royal Commission for Riyadh City have been tasked with monitoring and overseeing real estate prices in Riyadh and submitting periodic reports.”
