Majid bin Abdullah Al-Hogail, Minister of Municipalities and Housing, announced that the National Housing Company and a number of development companies will work to launch a “Build to Rent” program to provide larger housing units in Riyadh to meet demand, and this program will help pump units over the next two years to increase supply.

Majid bin Abdullah Al-Hogail, Minister of Municipalities and Housing, said during the 25th edition of the government press conference to review the regulations of the real estate balance. During the 25th edition of the government press conference to review the real estate balance regulations, Al-Hogail indicated that they will work to launch programs that support lower-income families who pay more than 30% of their income in rent, pointing out that they aim to return the real estate market in Riyadh to its normal rate.

Hogail added that the real estate market in Riyadh will return to its normal rate.

Majid bin Abdullah Al-Hogail, Minister of Municipalities and Housing, added that the aim of these measures is to continue real estate development and increase supply, and not to affect new products, pointing out that the national company and real estate companies still provide units that are affordable for citizens.

Majid bin Abdullah Al-Hogail, Minister of Municipalities and Housing.