Governors rearrange real estate

Hani Khashoggi

While the citizens of the Kingdom were exchanging congratulations and blessings on Eid al-Fitr, the citizens of the capital were exchanging other congratulations, which came from the approval of His Highness Crown Prince Mohammed bin Salman on five measures aimed at achieving balance in the real estate sector across the city, in addition to addressing several issues facing the sector, most notably the monopolization of land and its scarcity, which caused its prices to rise insanely.

While the citizens of the Kingdom were exchanging congratulations and blessings on Eid al-Fitr, the citizens of the capital were exchanging other congratulations. The measures taken by His Highness the Crown Prince reflect the interest of the rulers in issues related to both citizens and investors, and the Kingdom's lack of hesitation in taking the necessary urgent decisions to achieve balance in the real estate sector, restore calm, be a safe haven for investments, and provide citizens with their needs for real estate products.

The generous measures confirm to those concerned the commitment of the wise leadership to provide effective and quick solutions to meet the challenges of the real estate sector, both residential and commercial, and achieve stability, which enhances the real estate supply, thus, these measures join previous decisions in support of real estate development, bringing the total number of recently released lands to 81.48 square kilometers, contributing to the urban renaissance in the capital and bringing it closer to the dream recently announced by His Highness the Crown Prince that Riyadh will become one of the top ten economic cities in the world by 2030.

These measures complement the fruits of the urban renaissance that is taking place in the capital and bring it closer to the dream announced recently by His Highness the Crown Prince, which is to make Riyadh one of the top ten economic cities in the world by 2030.

The fruits of the generous measures are integrated together to establish a model real estate sector in Riyadh, the most prominent of which is the directive of the Royal Commission for Riyadh City to provide planned residential lands, with a number ranging between 10 and 40 thousand pieces annually over the next five years, governed by supply and demand, at prices not exceeding 1500 riyals per square meter, which reflects the keenness of the wise leadership to provide a decent life for Saudi families, especially those who are in great need of real estate products at affordable prices, and this is reflected in the decision that priority to obtain the available lands should be for married citizens over the age of 25 years.

What is truly remarkable is the decision to prioritize access to the available lands for married citizens, and those over 25 years old.

<What is really striking about the generous directives is that they will contribute to stabilizing the volume of spending on residential real estate out of the total household spending, which strengthens Saudi family budgets and helps them save amounts that can be spent on other paths, as well as support the ability of the business sector and other sectors to bear real estate costs, and will contribute positively to the stability of inflation rates in general in various sectors, which will result in an increase in their competitiveness, and sector capabilities crown the generous directive to study the regulation of the relationship between lessor and tenant, an issue that has always needed official state intervention to control the residential rental market

The optimism about the future of the sector is further increased by the generous approval to take the necessary legal measures to issue the proposed amendments to the White Land Fees Law, which contributes to stimulating land development, increasing real estate supply and circulation, combating monopolies, enabling citizens to own adequate housing and enhancing their quality of life, which are at the core of the requirements of Vision 2030.

White Land Fees Law

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