{"id":77276,"date":"2025-04-29T13:19:57","date_gmt":"2025-04-29T10:19:57","guid":{"rendered":"https:\/\/amlak.net.sa\/?p=77276"},"modified":"2025-11-25T22:24:59","modified_gmt":"2025-11-25T22:24:59","slug":"%d9%88%d8%b2%d9%8a%d8%b1-%d8%a7%d9%84%d8%a5%d8%b3%d9%83%d8%a7%d9%86-%d9%88%d8%a7%d9%84%d8%a8%d9%84%d8%af%d9%8a%d8%a7%d8%aa-%d8%a7%d8%b1%d8%aa%d9%81%d8%a7%d8%b9-%d8%ad%d8%ac%d9%85-%d8%a7%d9%84%d9%82","status":"publish","type":"post","link":"https:\/\/amlak.net.sa\/en\/77276\/","title":{"rendered":"Minister of Housing and Municipalities: The size of the real estate sector will rise to 850 billion riyals in 2024"},"content":{"rendered":"

Minister of Housing and Municipalities Majid Al-Hogail revealed that the size of the real estate sector increased from 170 billion riyals to 850 billion riyals in 2024, and indicated its contribution of 161 TP3T of total inflows Foreign investment<\/a><\/strong><\/span> The direct, and confirmed during the government press conference held on Monday evening that the efforts made have contributed to more than 850,000 Saudi families owning their homes so far, and more than 47,000 of the most needy families.<\/p>\n

A generous donation from the Crown Prince<\/strong><\/span><\/p>\n

During his speech, Al-Haqil noted the donation of one billion riyals by Crown Prince and Prime Minister Prince Mohammed bin Salman, may God protect him, to the \u00abSakan\u00bb Foundation, which will contribute to increasing the number of units delivered to eligible families during 2025. It will help in the projects that are being worked on, and their completion within 12 months.<\/p>\n

Rental solutions to meet challenges<\/strong><\/span><\/h4>\n

Regarding rents, he confirmed \u00abAl-Haqil\u00bb<\/span><\/strong><\/a> The ministry is working to find alternative rental solutions for families facing difficulties paying rent, and is developing more than 60,000 housing units in Riyadh, including units starting at 250,000 riyals. In this regard, he stated that Riyadh needs between 120,000 and 140,000 housing units annually due to the high demand in the capital, explaining that the market currently covers only about 45,000 units of this need.<\/p>\n

14% Contribution of the Municipal and Housing Sector<\/span><\/h4>\n

He pointed out that more than 500,000 job opportunities have been provided for young men and women in 118,000 establishments with activities supervised by the ministry, stressing that the municipal and housing sector represents 141 TP3T of the GDP, and supervises more than 550 activities.<\/p>\n

Decisions regarding undeveloped land<\/strong><\/span><\/h4>\n

Regarding undeveloped land, Al-Haqil confirmed that the Crown Prince is following up on everything related to the real estate sector in the Kingdom, expecting decisions regarding undeveloped land fees to be issued within 60 days.<\/p>\n

Renovation of 1000 parks<\/strong><\/span><\/h4>\n

Regarding efforts to enhance the quality of life, the Minister of Municipalities and Housing pointed to the work done to develop and renovate a thousand parks during the past three years in 100 cities and governorates.<\/p>\n

70,000 compliance certificates<\/span><\/strong><\/h4>\n

He explained that the number of building compliance certificates has reached more than 70,000 certificates in various regions, and pointed out the Ministry\u2019s endeavor to activate urban identities in 12 municipalities by the end of the year. 43 visual distortion elements have been identified, whether in public or private areas, and work is underway to remove them. In a related context, the Minister of Municipalities and Housing confirmed that the launch of the Saudi Architecture Project, under the direction of the Crown Prince, aims to enrich the urban landscape through 19 architectural styles.<\/p>\n

22 billion in municipal sector revenues<\/strong><\/span><\/h4>\n

Regarding efforts in the municipal sector, Al-Haqil confirmed that its revenues increased from 6.3 billion riyals in 2020 to 22 billion in 2024, with a growth rate of 249%, attributing this to the investments witnessed in this sector.<\/p>\n

He also noted the signing of investment contracts in the municipal sector worth nearly 19 billion riyals during the past 3 years, as part of efforts to develop infrastructure and services in cities.<\/p>","protected":false},"excerpt":{"rendered":"

Reading time: <\/span> 2<\/span> Minutes<\/span><\/span>Minister of Housing and Municipalities Majid Al-Hogail revealed that the size of the real estate sector increased from 170 billion riyals to 850 billion riyals in 2024, and pointed to its contribution to 16% of the total foreign direct investment flows, and stressed during the government press conference held on Monday evening that the efforts made contributed to the ownership of more than 850 thousand Saudi families in their homes until ... 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