The Kingdom manages real estate well
Hani Khashoggi
Not far from the aspirations of Vision 2030, the Kingdom has a developed and prosperous real estate sector, which is managed by the state wisely and competently, and works to direct its compass towards certain paths, and control it if necessary, with the main goal of achieving the aspirations of the rulers, that this sector contributes to strengthening the national economy by providing various real estate products, which are indispensable in all other economic sectors.
Not long ago, the real estate sector in the Kingdom of Saudi Arabia was one of the most important sectors of the real estate sector in the world. <A while ago, the prices of real estate products in Riyadh skyrocketed, which confused the accounts of the average citizen looking for new housing to own or rent, as well as the accounts of the real estate developer and the investor who pumped some of his investments in real estate projects. His Highness Crown Prince Mohammed bin Salman only directed on the night of Eid al-Fitr to address the conditions of the sector and control prices by activating five decisive measures, which succeeded today in pushing real estate prices in the capital areas to gradually decline and reassuring everyone by assuring them that the state does not accept anyone to manipulate real estate products, which must be secured for those who <This scene, with all its details, confirms a clear fact, which is that the Kingdom views “housing” as one of the most important reasons for enhancing social security, which is a fundamental right of every citizen, and seeks it in various ways, by obtaining a house in which he lives and feels secure, whether for himself, his family or his money. Because of the importance of this item, the Kingdom's governments have always adopted the security of real estate products and harnessed enormous technical and human resources for this matter, ensuring their availability to citizens and investors at appropriate prices. <I can confirm that the five measures directed by His Highness the Crown Prince were decisive in quickly controlling real estate prices in Riyadh, for no other reason than that they were comprehensive of all the causes of the issue, which contributed to addressing the randomness of the sector, starting with the important measure of lifting the suspension on the sale, purchase, division and partition, issuing building permits and approving land plans located north of the capital, providing between 10 and 40 thousand planned and developed residential plots to citizens annually over the next five years at prices not exceeding 1500 riyals per square meter, taking legal measures to issue proposed amendments to the white land fees system in Sowe. In order to ensure the feasibility of these measures, the General Authority for Real Estate and the Royal Commission for Riyadh City were assigned to monitor and control real estate prices in Riyadh and submit periodic reports, and these reports indicated that real estate prices are taking a downward line, which promises a further decline in the coming period.
The measures did not ignore the item of rents, as they stressed the need to control the relationship between lessors and tenants to ensure a balance between the interests of the parties. What the real estate sector is witnessing today is a remarkable shift in the price map of its products, from crazy rises to calm and stability, sends a message of reassurance to citizens and investors that the state adopts the housing file, supervises it, and is keen to increase the percentage of ownership in Saudi society, which prompts it to stand against any attempts to monopolize real estate products or exaggerate their prices, and secondly that the state seeks to fulfill everything it promised in the ambitious Vision 2030, providing housing for every citizen, in subsidized and facilitated ways.
These reports indicated that the real estate prices are taking a downward line, which augurs well for a decline in the coming period.
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