Saudi Crown Prince orders key real estate reforms in Riyadh
HRH Prince Mohammed bin Salman, Crown Prince and Prime Minister of Saudi Arabia has issued directives for a series of comprehensive reforms aimed at stabilising land and rental prices in Riyadh, following an in-depth study by the Royal Commission for Riyadh City and the Council of Economic and Development Affairs, reported the Saudi Gazette.
The Crown Prince's directives are in response to the significant surge in land and rental prices witnessed in recent years. The measures are designed to achieve balance in the real estate sector and increase access to affordable housing, it stated.
As part of the initiative, the Crown Prince ordered the lifting of restrictions on land transactions - including sales, purchases, subdivisions, and construction permits - in two key northern areas of Riyadh.
The first spans 17 sq km, bounded by King Khalid Road and Prince Mohammed bin Saad Road to the west, Prince Saud bin Abdullah bin Jalawi Road to the south, Asmaa bint Malik Street to the north, and Al Arid District to the east.
The second covers 16.2 sq km north of King Salman Road, bordered by Abi Bakr Al Siddiq Road and Al Arid District to the east, Prince Khalid bin Bandar Road to the north, and Al-Qirawan District to the west.
These areas are in addition to previously released areas totaling 48.28 sq km bringing the total area released for development to 81.48 sq km.
The Crown Prince also instructed the Royal Commission for Riyadh City to provide between 10,000 and 40,000 fully planned and developed residential plots annually over the next five years, based on market demand, said the Saudi Gazette report.
These plots will be offered at prices not exceeding SAR1,500 per sq m to eligible Saudi citizens - specifically, married individuals or those aged 25 and above with no previous property ownership, it stated.
Conditions include a ten-year restriction on selling, renting, or mortgaging the land - except for loans to build on it. If construction is not completed within the decade, the land will be reclaimed and its value refunded.
Additional measures include the rapid implementation of proposed amendments to the White Land Tax Law within 60 days to enhance real estate supply, and regulatory actions within 90 days to ensure fair and balanced relationships between landlords and tenants, the report added.
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