The budget for the fiscal year 37-1438 AH proved that the Kingdom's economy is able to overcome the obstacles and conditions that the world is going through, especially the decline in oil prices by nearly 65% since June 2014, by finding economic fundamentals synonymous with oil, and this was evident in the budget figures that did not disturb its balance, supporting development and service projects that care about the life, security, education and stability of the citizen to reach 840 billion riyals for education, health, housing, security, social and municipal services, and infrastructure projects.
The budget for the fiscal year 37-1438 AH proved that the Kingdom's economy is able to overcome the obstacles and conditions that the world is going through, especially the decline in oil prices by nearly 65% since June 2014, by finding economic fundamentals synonymous with petroleum.
Real Estate Correction in 2015
The year 2015 is considered an exceptional year for the real estate market in the Kingdom after the new decisions that were adopted in it with the aim of correcting the real estate sector, which led many to be optimistic and optimistic that the Saudi real estate market will witness a shift towards regulation and balance with the synchronization of the implementation of the projects of the Ministry of Housing, and will be the beginning of correcting its conditions and increasing investment in it with the private sector, and from here it can be expected to witness a new real estate boom that begins to work to solve the housing crisis and then correct its conditions and introduce new products that meet the needs of citizens for housing.
2015 and the search for alternative solutions
<From the early stages of the establishment of the Ministry of Housing, its main tasks were drawn in finding radical solutions to housing issues and providing housing units for the deserving, by building 500,000 housing units, where the state allocated a budget for the ministry totaling 250 billion riyals to be implemented over five years. The ministry sought to accomplish this task despite its difficulty and worked to find housing solutions and alternatives to match the needs of its applicants, and it faced many issues and obstacles in the beginning. However, in 2015, the ministry started looking for alternatives and solutions that contribute to accelerating the pace of work on its projects.Therefore, the ministry adopted a new approach in its policies by turning towards the private sector and working in partnership with it to implement its programs and projects, and opened the door for it to work on the housing projects it is working on, which is a good start to achieve partnership and devote itself to regulating and supervising the work of the real estate market and increasing the supply of housing support projects.
Reality and new features of "housing"
With the structural changes introduced at the beginning of the reign of King Salman bin Abdulaziz - may God protect him - in 2015, the Ministry of Housing witnessed great interest and keenness to develop radical solutions for housing, helped by a package of decisions and powers granted to the ministry to help it achieve its goals, and at the same time the state adopted a number of government and private residential land division plans in cities and villages to meet the growing demand for residential land, as the need to provide 1. 65 million new homes was estimated.The Ministry of Housing estimated the actual need for land required to bridge the housing gap in Saudi Arabia at 500 million square meters, of which the Ministry of Municipal Affairs provided about 169 million square meters through 238 sites in various regions.
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187 projects and 233,651 housing units
As a result of the above, the ministry is currently working on 187 housing projects in different regions of the Kingdom, comprising 233,651 housing units. As a result of the above, it is expected that 2016 will witness the ministry introducing quality projects that contribute to solving the housing crisis through cooperation with the private sector, including developers, investors and financiers, with the support and direct supervision of the Ministry of Housing.
