Shura Council member Ahmed Al-Ghamdi proposed that the housing strategy include a weekly real estate index showing land price levels in major cities, noting that this index would help curb artificial price spikes driven by rumors about future land prices, Member Nasser Al-Mousa praised the strategy’s provisions that take into account the circumstances of people with special needs, noting that the Real Estate Development Fund has recently proven its effectiveness in meeting housing demand.
This came during yesterday’s Shura Council discussion of the housing strategy, during which Mohammed Al-Mutairi, chairman of the relevant committee, presented the housing strategy report. Council member Awad Al-Asmari called for the establishment of an appropriate mechanism to assist citizens—based on clear economic principles—in coping with rising prices and the inability to own land or housing units. Al-Mutairi called for supporting a shift toward socially acceptable affordable housing that takes into account the natural and cultural considerations of each region.
Member Sultan al-Sultan noted the difficulty of accepting the strategy in its current form and called for sustainable—rather than temporary—solutions to the crises, He added that the focus should be on building expertise in the housing sector by developing long-term solutions and opening the door for the private sector to finance housing, Al-Sultan praised the Real Estate Development Fund’s initiative, calling it a successful model that should be supported, and called for additional financing options that would help bolster the fund’s financing efforts.
