The past year 2015 carried many decisions, ideas and modern studies that matured on a quiet fire that fluctuated between its days and months until it settled, to receive the new year 2016, complete with a clear picture awaiting implementation, and the housing and real estate sector received a large share of them, all in the interest of the citizen to provide adequate housing at lower costs.
In the midst of this, we can call 2016 an exceptional year in which efforts are devoted to harvesting ideas as they move at a confident pace towards quality and sustainability.
In the midst of this, we can call 2016 an exceptional year in which efforts are dedicated to harvesting ideas as they move confidently towards quality, professionalism and clarity in plans and programs that will form a new reality in the real estate market, which will return to its balance, vitality and well-being, Because it represents the first pillar of the Kingdom's economic transformation policy to face the next stage "post-oil phase", and it supports the diversification policy whose features seemed clear through the budget of the new year 1437-1438 AH, and in a reading of the statistics of 2014, we find that real estate accounted for more than 13.3% of GDP, while the value of the contribution of the business, insurance and real estate sector to GDP for 2015 amounted to about 308 billion riyals, while the building and construction sector pumped the public treasury about 167.5 billion riyals - according to the General Department of Statistics and Information - to make the total value of these two sectors that complement each other more than 475.5 billion riyals.
2016 comes and the Ministry of Housing has put its hand on a lot of powers to have a word to be taken into account, which is concerned with implementing the fees extracted from white lands and setting mechanisms for that, in addition to the formation of a higher authority for real estate that works to maintain its economics and takes into account the interests of owners without violating the public interest, this is in addition to the powers granted to the Ministry last November, which makes it hold many strings in the real estate reality, giving it a greater opportunity to achieve its strategic goals, especially those that concern the private sector.
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Here we must not forget the implementation of the decision to limit the real estate valuation process and valuation committees only to the membership of the Saudi Commission for Certified Valuers (Taqeem), which aims to upgrade the valuation profession and develop the sector, which helps address some of the market distortions.
All these changes in the map make us more certain that 2016 holds a lot of excitement to know the details of its proceedings, and tomorrow is soon!!!
Editor-in-Chief
