logo
Saudi Real Estate Smashes Records in 24 Months

Saudi Real Estate Smashes Records in 24 Months

Leaders6 days ago
Saudi Arabia's real estate market has experienced remarkable growth, recording transactions worth approximately SR1.2 trillion ($319.8 billion) between July 2023 and July 2025. This surge follows the implementation of a new property initiative, as announced by the General Real Estate Authority.
The General Real Estate Authority revealed this impressive figure during the second edition of the Real Estate Brokerage Forum 2025. This event took place at the Riyadh International Convention and Exhibition Center, as reported by the Saudi Press Agency.
Saudi Arabia's real estate sector is undergoing a significant transformation under Vision 2030, with the aim to increase home ownership to 70% by 2030, up from approximately 63.7% in 2023. The strategy focuses on expanding mortgage lending, diversifying financing options, and doubling mortgage activity through increased participation from banks.
Impact of the New Property Initiative
Tayseer Al-Mufarrej, the general director of strategic communication and official spokesperson for the authority, emphasized the initiative's impact during his keynote address. He stated that the system has facilitated over 8 million real estate transactions and licensed more than 86,000 brokers. Additionally, the approval of 75 digital platforms has enabled over 685,000 authorized listings.
This transformation is driven by Vision 2030 and the Real Estate Brokerage Law, introduced in 2022. This law aims to professionalize property transactions through standardized contracts, broker licensing, and stricter oversight. These measures enhance transparency and protect consumers.
Al-Mufarrej noted that the system has fundamentally transformed the sector's structure. It has turned brokerage into a licensed profession governed by regulations, clearly defining responsibilities and obligations.
Growth in Transactions and Licensing
Within its first year, the initiative led to a 17% increase in transactions, totaling SR605 billion in deals, prompting the licensing of tens of thousands of individual and corporate brokers, as well as digital platforms.
During the forum's first panel discussion, titled 'Legislative Updates and Empowerment Opportunities in the Real Estate Brokerage System,' speakers highlighted the sector's enabling regulatory framework. This framework supports growth and fosters a reliable and sustainable environment.
A second panel discussion, titled 'From Value Creation to Sustainable Sales,' focused on ongoing urban development in the Kingdom. Participants praised the governance measures and planning standards that have improved residential neighborhoods and elevated the quality of life for citizens.
The forum, organized by the authority, is part of broader efforts to enhance the real estate business environment. These initiatives support economic growth and align with the comprehensive national real estate strategy.
Short link :
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Saudi regulator eases approval process for rated debt issues
Saudi regulator eases approval process for rated debt issues

Arab News

time41 minutes ago

  • Arab News

Saudi regulator eases approval process for rated debt issues

RIYADH: Public debt issuers in Saudi Arabia can now expect faster regulatory reviews if their offerings carry a credit rating, as the Kingdom moves to boost issuance and expand its fixed-income investor base. The Capital Market Authority has introduced a fast-track mechanism for public debt offering applications that agencies licensed by the regulator have rated. The incentive will remain in effect through the end of 2026, according to a press release. By encouraging issuers to obtain credit ratings, the CMA aims to increase investor participation and improve risk assessment across the market. The move comes amid Saudi Arabia's ongoing efforts to develop a more diversified and resilient financial system under Vision 2030. Strengthening the domestic capital market, particularly fixed income, is a strategic priority for the Kingdom as it seeks to reduce dependence on oil revenues, channel more private capital into economic development, and empower the private sector as a driver of growth. 'Through this measure, the CMA aims to build a more mature and stable debt instruments market with a diversified investor base and strengthened confidence among all participants,' the statement said. 'A credit rating is not merely an indicator of the issuer's creditworthiness; rather, it serves as an effective tool enabling investors to make well-informed investment decisions,' it added. While Saudi Arabia's equity market has seen strong growth in recent years, the debt segment remains relatively underdeveloped compared to global peers. Enhancing transparency and risk differentiation through credit ratings is viewed as key to unlocking greater institutional and foreign investor participation, which in turn supports more competitive pricing and long-term market stability. The CMA has already implemented a series of structural reforms to mature the market, including expanding the qualified investor base, enabling foreign ownership of debt securities, and promoting the issuance of sukuk and conventional bonds. These reforms are designed to improve capital access for issuers while giving investors better tools to assess risk and return. The latest measure builds on these initiatives by directly linking faster regulatory review to the presence of a third-party credit opinion. The regulator expects the move to stimulate a higher volume of rated debt issuances, accelerate application processing, and strengthen market confidence, ultimately fostering a more dynamic and diversified capital market ecosystem.

Court orders Motoon Tower ex-tenant to pay SAR 13.8M: Derayah REIT
Court orders Motoon Tower ex-tenant to pay SAR 13.8M: Derayah REIT

Argaam

time5 hours ago

  • Argaam

Court orders Motoon Tower ex-tenant to pay SAR 13.8M: Derayah REIT

Derayah Financial Co., the fund manager of Derayah REIT Fund, said it received a notice from the fund's legal counsel in Kuwait regarding a final court ruling. The final ruling was issued by the Kuwait Court of Appeals in the case filed by the fund against Al Amalayah Co. for Hotels, the former tenant of Motoon Tower in Riyadh, the fund manager said in a statement to Tadawul. The ruling obliges Al Amalayah to pay SAR 13.76 million to the fund, representing unpaid rent for Motoon Tower. The impact will be reflected according to the outcome of legal and regulatory procedures and the collection of the amounts. In May, the company received a notice from the fund's legal counsel in Kuwait regarding a court ruling, which remains subject to appeal, in the case filed by the fund against the former tenant, Argaam data showed. The issued ruling obligated them to pay an amount of 13.76 million riyals to the fund.

Saudi Arabia Hits Record 144% in Mining Exploration Licenses in H1
Saudi Arabia Hits Record 144% in Mining Exploration Licenses in H1

Leaders

time16 hours ago

  • Leaders

Saudi Arabia Hits Record 144% in Mining Exploration Licenses in H1

Saudi Arabia has achieved a remarkable milestone by issuing a record number of new mining exploration licenses in the first half of 2025. Official data reveals a staggering 144% year-on-year increase, with a total of 22 licenses granted, marking a significant rise from just nine licenses issued during the same period last year. The surge reflects growing investor interest and the government's commitment to enhancing the mining sector's competitiveness. Aligning with Vision 2030 This increase aligns with the rapid growth of the Kingdom's mining industry, which serves as a central pillar in its Vision 2030 diversification strategy. Saudi Arabia aims to boost the sector's contribution to gross domestic product from $17 billion to $75 billion by 2035. The government supports this effort by accelerating the exploration and development of the Kingdom's estimated mineral wealth, valued at over SR9.4 trillion ($2.5 trillion). Jarrah bin Mohammed Al-Jarrah, the official spokesman for the Ministry of Industry and Mineral Resources, stated that 23 mining companies invested in the new licenses during the first half of this year. Notably, 16 of these companies obtained mining licenses for the first time. The total investment in these licenses exceeds SR134 million, covering an area of 47 square kilometers. The spokesperson also highlighted that the projects associated with these licenses are expected to produce approximately 7.86 million tonnes annually of various mineral ores. These ores include salt, clay, silica sand, low-grade iron ore, feldspar, and gypsum. Currently, the total number of active mining and small-mine exploitation licenses in the Kingdom stands at 239. This total includes 32 Category A licenses for strategic minerals such as gold, copper, phosphate, and bauxite. Additionally, there are 207 Category B licenses for industrial minerals, including silica sand, gypsum, limestone, salt, and clay. Attracting Investments Earlier in July, Vice Minister of Industry and Mineral Resources Khalid Al-Mudaifer informed Asharq Business that the Kingdom's mining reforms have successfully attracted $32 billion in investments. These investments span projects involving iron, phosphate, aluminum, and copper. This amount represents nearly one-third of Saudi Arabia's ambitious target to attract $100 billion in mining investments by 2030. Al-Mudaifer emphasized that mineral exploration spending in the Kingdom has quadrupled since 2018. It now reaches $100 per square kilometer, with an impressive annual growth rate of 32%. This growth significantly surpasses the global average of 6 to 8%. In summary, Saudi Arabia's mining sector is experiencing unprecedented growth, driven by strategic investments and government reforms, driving the Kingdom well on its way to achieving its ambitious goals outlined in Vision 2030. Short link : Post Views: 7

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store