The Future of Real Estate Forum witnessed in its fifth edition a wide intellectual and legislative movement, as sector leaders drew the features of the next phase, which is based on «balance and sustainability». On this occasion, the CEO of the General Authority for Real Estate, Engineer Abdullah bin Saud Al Hammad, stressed that the forum in its fifth edition has become a global platform for making ideas, formulating future trends, and transforming discussions into practical outputs that integrate legislation, technology and investment, explaining that the flexibility and efficiency of the sector is a result of the unlimited support from the wise leadership, which made the Kingdom an effective center in the global real estate dialogue. He stressed the role of the forum in building confidence between the parties of the system locally and internationally, and linking the Saudi market to global markets within a clear and stable regulatory framework.
During a panel discussion titled «Real Estate Balance in Riyadh City», Engineer Fahad Bin Saleh, Assistant CEO of the Royal Commission for Riyadh City, and Engineer Ahmed Al-Attishan, Director General of Real Estate Development, made important statements that revealed the figures and strategic axes of the «Real Estate Balance Program» in the capital city.
Homeownership boom and historic achievement
For his part, Engineer Fahad Bin Saleh confirmed the achievement of a qualitative leap in the housing file, where he confirmed that the rate of home ownership in Riyadh increased from 47% to 66%, indicating that current indicators confirm the progress towards exceeding the Kingdom's Vision 2030 target of 70% before the scheduled date. Bin Saleh revealed that the authority has succeeded in pumping more than 6.3 million square meters of land within the neighborhoods and suburbs of Riyadh, as part of an ambitious five-year plan, stressing that this step directly targeted the support of citizens, with more than 10,400 beneficiaries so far.
The number of beneficiaries has reached more than 10,400.
Bin Saleh stressed that the "Balance Program" is based on three pillars that ensure the sustainability of growth:
- Liberalizing land and accelerating its development to increase supply.
- Strictly regulate the market to address any price distortions.
- Careful and constant follow-up to ensure that plans are transformed into tangible results on the ground.
Philosophy of Equilibrium and Price Correction
Real Estate Balance Program has a different vision than traditional development housing programs, explaining: "Our goal is to bridge the gaps between supply and demand and achieve a fair price equation that serves the investor and the beneficiary at the same time."
Price Control and Cost Ceilings
About market control mechanisms, Al-Attishan revealed that the government has started setting "price ceilings" in a number of areas, with the aim of correcting unjustified hikes and easing pressure on land prices, creating real and attractive partnership opportunities with real estate developers, and ensuring a transparent and stable investment environment.
About market control mechanisms, Al-Attishan revealed that the government has started setting "price ceilings" in a number of areas.
