The head of the General Real Estate Authority, Engineer Abdullah bin Saud Al-Hammad, said that the rental market in the Kingdom, especially in Riyadh, is one of the most extensive and diverse markets, stressing that there are no indications of monopolization in this vital market.

One million rental units in Riyadh

The number of residential units in Riyadh city reached 538 thousand units, while the number of commercial units reached about 332 thousand units, owned by nearly 200 thousand owners of individuals and companies, while the number of rental units in Riyadh alone exceeds one million units.

Hammad added, during a government press conference during which he reviewed the most prominent real estate balance regulations, that the number of residential units in Riyadh city reached 538 thousand units, while the number of commercial units reached about 332 thousand units, owned by nearly 200 thousand owners of individuals and companies. He pointed out that the Authority monitored an unacceptable rise in prices due to the lack of real estate supply, which prompted it to adopt a regulatory model that takes into account the stimulation of supply and sets clear mechanisms to control inflation in the real estate market.

Hammad stressed that the real estate market in Riyadh alone exceeds one million units. Al-Hammad stressed that the new rules and regulations aim to enhance the confidence of market participants and create a more disciplined and stable environment, stressing that the real estate market is one of the most important and influential markets in the national economy, which requires continuous interventions to ensure balance and sustainability.

The real estate market is one of the most important and most influential markets in the national economy, which requires continuous interventions to ensure balance and sustainability.

To view the government press conference, click here