Real estate experts expected that the Ministry of Housing products for 2017 and 2018, which amount to 580,000 housing and financing products, will contribute to the reprogramming of real estate prices and set the rhythm of the sector after it provided products within the reach of beneficiaries and contributed to reducing prices and restoring the balance between supply and demand in the market, and some went on in their analysis of the continued decline in real estate prices this year after the Ministry of Housing projects became a reality on the ground, which led to high supply and low demand.<\/p>\n
Housing Products and Market Equilibrium<\/strong><\/p>\n On the same subject, Saif Al-Suwailem, spokesman for the Ministry of Housing, explained that the agreements concluded by the ministry to accelerate the pace of construction of units with developers and financing companies resulted in a qualitative shift that touched the needs of the citizen, through the ministry's previous achievements, most notably the residential program, we expect to witness additional steps during the current year in the context of seeking to achieve balance in the market and enable the citizen to obtain the appropriate housing with diverse options, high quality, appropriate price, designs, integration of infrastructure works in projects and the availability of sites for service facilities.<\/p>\n Al-Suwailem added that the housing units, which include villas, apartments and townhouses, take into account the various financial capabilities of the beneficiaries, as well as their various desires, and provide all facilities for them to enable them to own their first home, in return for which there will be agreements in 2018 that will target low-income and social security categories as part of the ministry's efforts to provide housing for all segments of society.<\/p>\n Investors are subject to fair prices<\/strong> Al-Thaqafi explained that the partnership with developers who have experience in the construction market has given a leap to more housing numbers in exchange for the presence of companies and banks that finance the customer under one roof, as happened in more than one of the ministry's projects, which makes there is tangible optimism within the real estate sector in the Kingdom.<\/p>\n Optimism that real estate markets will stabilize<\/strong><\/p>\n For his part, real estate investor Thamer Al-Qurashi expressed his opinion, stating that the market at this stage is no longer governed by its investors, as there are more than one wave of pressure on prices, such as the projects of the Ministry of Housing, which revealed a number of projects in a number of governorates, with the beginning of 2018 many beneficiaries signed their contracts in partnership with financing bodies, prices range between 250 thousand to 700 thousand, which made there investment units fall below one million.<\/p>\n Despite these indicators of price fluctuations since early on, market observers expect 2018 to be the beginning of the stabilization of the real estate sector, not only in terms of purchase, but even at the rental level as a result of the high rates of ownership, whether on the map, which took place in a number of regions, or created by developers and received by beneficiaries, which means that the state and through the Ministry of Housing was able to stop the real estate heights that reached its intensity, and even tripled earlier in some areas.<\/p>","protected":false},"excerpt":{"rendered":" Reading time: <\/span> 2<\/span> Minutes<\/span><\/span>\u062a\u0648\u0642\u0639 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\nRiyadh Al-Thaqafi, a member of the Housing Committee at the Jeddah Chamber, predicted an increase in the number of citizens who own housing units and their exit from the rental market to ownership; which makes investors to submit to the fluctuations of the market and comply with the fair prices sought by the Ministry of Housing among its goals, in parallel with its products that have multiplied in types and give an indication of the prices of the entire sector by determining the prices granted to beneficiaries and the ownership of housing seekers, and this all forces investors to comply with fair prices set by the housing.<\/p>\n