Latest news with #AbdullahAl-Hammad
Zawya
02-04-2025
- Business
- Zawya
Saudi Arabia considers rent cap as part of major real estate reforms
RIYADH — Saudi Arabia is studying the implementation of a cap on residential and commercial rent increases to tackle soaring prices, the CEO of The Real Estate General Authority (REGA), Abdullah Al-Hammad, confirmed on Tuesday. Speaking to Al Arabiya, Al-Hammad said the proposal is part of a broader effort led by Crown Prince and Prime Minister Mohammed bin Salman to rebalance the real estate market in Riyadh. The initiative includes five key directives, notably the finalization of a new White Land Tax law aimed at boosting housing supply and curbing the rise in property and rental prices. 'The Crown Prince's directives focus on increasing supply by lifting development restrictions on the northern parts of the capital, releasing new plots, regulating lease agreements, and maintaining regular market oversight,' Al-Hammad said. Authorities recently approved lifting the ban on transactions — such as sales, purchases, subdivisions, and permits — for 81 million square meters of land in northern Riyadh. The move is designed to ease supply constraints and encourage new residential development. As part of these efforts, the Royal Commission for Riyadh City has been tasked with providing between 10,000 and 40,000 planned and developed residential plots per year over the next five years, based on demand. These plots will be offered at prices not exceeding SR1,500 per square meter to eligible Saudi citizens, including married individuals or those over the age of 25, with specific conditions prohibiting resale or transfer for 10 years unless for financing construction. Other reforms include new regulations to govern landlord-tenant relations and ensure fair terms for both parties. REGA and the Royal Commission will also be responsible for monitoring property prices and submitting regular reports. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Saudi Gazette
01-04-2025
- Business
- Saudi Gazette
Saudi Arabia considers rent cap as part of major real estate reforms
Saudi Gazette report RIYADH — Saudi Arabia is studying the implementation of a cap on residential and commercial rent increases to tackle soaring prices, the CEO of The Real Estate General Authority (REGA), Abdullah Al-Hammad, confirmed on Tuesday. Speaking to Al Arabiya, Al-Hammad said the proposal is part of a broader effort led by Crown Prince and Prime Minister Mohammed bin Salman to rebalance the real estate market in Riyadh. The initiative includes five key directives, notably the finalization of a new White Land Tax law aimed at boosting housing supply and curbing the rise in property and rental prices. 'The Crown Prince's directives focus on increasing supply by lifting development restrictions on the northern parts of the capital, releasing new plots, regulating lease agreements, and maintaining regular market oversight,' Al-Hammad said. Authorities recently approved lifting the ban on transactions — such as sales, purchases, subdivisions, and permits — for 81 million square meters of land in northern Riyadh. The move is designed to ease supply constraints and encourage new residential development. As part of these efforts, the Royal Commission for Riyadh City has been tasked with providing between 10,000 and 40,000 planned and developed residential plots per year over the next five years, based on demand. These plots will be offered at prices not exceeding SR1,500 per square meter to eligible Saudi citizens, including married individuals or those over the age of 25, with specific conditions prohibiting resale or transfer for 10 years unless for financing construction. Other reforms include new regulations to govern landlord-tenant relations and ensure fair terms for both parties. REGA and the Royal Commission will also be responsible for monitoring property prices and submitting regular reports.
Zawya
19-02-2025
- Business
- Zawya
1,000 developers qualified for Saudi housing projects
Saudi Arabia has qualified nearly 1,000 local and foreign developers within a drive launched over the past few years to build houses for its citizens, an official has said. The government has so far awarded more than 360 permits which have resulted in the construction of at least 200,000 houses across the Gulf kingdom, said Abdullah Al-Hammad, CEO of the Real Estate General Authority. Hammad, quoted by the Saudi daily Al-Madina, said the aim of the housing projects in the country is to give all citizens access to affordable housing. 'These projects have made remarkable progress in achieving that have increased Saudi ownership of houses from 47 percent to 64 percent at the end of 2024,' he said. Hammad noted that the real estate sector contributed 14 percent to GDP in 2024 and provided more than 500,000 jobs in nearly 318,000 construction and real estate companies. (Writing by Nadim Kawach; Editing by Anoop Menon) (
