Majid Al-Hogail, Minister of Municipalities and Housing, confirmed that the capital, Riyadh, is experiencing growing demand for housing units, with an annual need ranging from 120,000 to 130,000 units to meet population growth and accelerating demand.

In remarks to Al Arabiya TV, Al-Hogail explained that Riyadh has recorded the highest rates of increase in real estate prices compared to other cities in the Kingdom that are experiencing more balanced growth, which necessitated a series of decisions aimed at diversifying the housing options available to citizens and residents. He noted that the ministry is working to stimulate the real estate development and financing sectors, in addition to supporting related activities.

The minister revealed that the number of local real estate developers has reached approximately 1,400, varying in size and specialization within real estate sector, noting that the Ministry is currently seeking to attract developers from around the world to exchange expertise and enhance diversity in projects, thereby contributing to the provision of integrated residential environments and urban communities that meet the needs of all segments of society.

He added that Saudi Arabia has a young demographic, which ensures continued high demand for housing for years to come, requiring concerted efforts to provide a housing supply commensurate with this sustainable growth.

Speaking about the "Cityscape" exhibition, scheduled to take place this coming November, Al-Hogail explained that the event serves as a key platform bringing together leading real estate developers and investment funds, as well as financing institutions, engineering firms, and supervisory bodies, and other supporting sectors, thereby helping to drive innovation and expand cooperation in the Saudi real estate market.