Mr. Hamad bin Ali Al-Shuwayair, Chairman of the National Real Estate Committee at the Council of Saudi Chambers of Commerce and Industry, stressed the committee's interest in seeking to build an effective real estate industry and make it a strong partner for economic and social activities and help enable it to achieve its goals with high efficiency.
\nIn order to achieve these goals, the committee has developed a strategy that defines its steps and directions to achieve this goal and build a strong and effective real estate industry, and is working on its implementation to serve the real estate renaissance, he said, noting that the strategy includes four main directions that include participation in the localization, development and regulation of the real estate industry, and the second is contributing to encouraging capital to invest in the real estate industry.
\nHe added that the third approach includes seeking to spread a professional culture in the real estate industry and create a positive impression of it among official bodies and local and international investors, while the fourth approach focuses on working to create a supreme real estate authority that serves as a reference to adopt a national policy for the real estate industry and supervise the organization and activation of the real estate sector.
\nHe explained that the new real estate regulations that the real estate sector awaits their issuance due to their great importance that will benefit the real estate industry and contribute to its organization on sound foundations that enhance its activities and preserve the rights of all parties involved in the real estate equation, including the real estate financing system, the registered mortgage system, the system of monitoring financing companies, the financial leasing system, the implementation system, the new real estate offices regulation system, the system of certified evaluators, and finally the real estate development guarantee account system.
\nThe most important strengths of the Saudi real estate sector include the stability of the Kingdom, the availability of high capital and savings, population characteristics and high growth rates, the cumulative experience of many parties in the real estate sector, and the availability of distinctive and encouraging infrastructure and facilities. The most prominent challenges facing the sector are the lack of information and data about the market and supply and demand indicators, the lack of regulations that facilitate and determine the regulation of the sector, as well as the multiplicity of government agencies responsible for following these regulations, and the poor professionalism of some of those working in the real estate sector. <\/p>","protected":false},"excerpt":{"rendered":"
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