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Asharq Al-Awsat
30-03-2025
- Business
- Asharq Al-Awsat
Saudi Crown Prince Orders Measures to Balance Riyadh's Real Estate Market
Saudi Crown Prince and Prime Minister Mohammed bin Salman has issued directives for a series of comprehensive measures aimed at stabilizing land and rental prices in Riyadh, following an in-depth study by the Royal Commission for Riyadh City. 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. 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 square kilometers, 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 square kilometers 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 square kilometers, bringing the total area released for development to 81.48 square kilometers. 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. These plots will be offered at prices not exceeding SAR1,500 per square meter to eligible Saudi citizens — specifically, married individuals or those aged 25 and above with no previous property ownership. 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. Finally, the General Real Estate Authority and the Royal Commission for Riyadh City have been tasked with monitoring real estate prices in the capital and submitting regular reports to ensure transparency and market stability.
Leaders
29-01-2025
- Business
- Leaders
Future Real Estate Forum 2025 Launched in Riyadh
The Minister of Municipal and Housing Affairs, Chairman of the Board of Directors of the General Real Estate Authority, Mr. Majid bin Abdullah Al-Hogail, sponsored the launch ceremony of the fourth edition of the Real Estate Future Forum in Riyadh. The event, held under the slogan 'A Future for Humanity: From Dreams to Reality,' saw participation from over 120 countries, 500 speakers from the public and private sectors, and numerous prominent local and international figures. Pillar of Vision 2030 The Minister highlighted the significant real estate legislation in the Saudi real estate market, including systems, rules, and regulatory frameworks, which reflect the government's commitment to this sector. He emphasized that the real estate sector has become a cornerstone of the Kingdom's Vision 2030, driving economic growth and development. Enhancing Market Reliability, Trust The real estate brokerage system and its executive regulations have strengthened the reliability of the real estate market by providing a clear legal framework that protects the rights of all parties. This has fostered trust among investors, property owners, brokers, service providers, and clients. Additionally, the real estate contributions system, alongside regulations for off-plan projects and penalties, has contributed to remarkable growth, with 192 project licenses issued worth over 147 billion riyals (approximately 39.2 billion USD) in the past year. Global Opportunities for Real Estate Development The 'Future of Real Estate Forum' offers global, high-quality opportunities for the development of the real estate sector, focusing on sustainable and integrated cities equipped with municipal and housing services. These cities aim to meet the aspirations of residents and enhance their quality of life. The Minister emphasized that the exceptional growth in the Saudi real estate market is a result of a clear vision, advanced legislative frameworks, and a supportive economic environment. Dialogue Sessions on Real Estate Progress, Opportunities On its first day, the forum hosted dialogue sessions exploring the evolution of the municipal and housing sectors, investment opportunities across the Kingdom, and the role of economic integration in supporting growth. Discussions also highlighted the importance of the real estate registry in urban planning, the development of sustainable communities, and the need for innovation and modern technologies to unlock future prospects in the real estate landscape. Showcasing Innovation, Trends The Future of Real Estate Forum spans three days and includes a real estate exhibition featuring participation from major local and international companies, investors, and entities. The exhibition showcases the latest real estate technologies, advanced products, financing solutions, and market trends. It also highlights strategic steps to enhance the transparency, reliability, and investment appeal of the Saudi real estate market. Related Topics : Future of Real Estate Forum 2024 Signs over 50 Agreements Asir Region Unveils Tourism Vision at Real Estate Future Forum 2025 Riyadh Real Estate Future Forum Convenes on Jan. 22 with Focus on Innovation Real Estate Future Forum to Kick off in Riyadh Short link : Post Views: 16
