Latest news with #NationalDevelopmentalHousingFoundation
Asharq Al-Awsat
30-04-2025
- Business
- Asharq Al-Awsat
Riyadh Real Estate Awaits Impact of Measures to Curb Price Surge
The Saudi real estate market is currently in a state of cautious anticipation, driven by unprecedented decisions and measures announced by Crown Prince Mohammed bin Salman. These steps aim to increase the supply of properties and restore balance in the market to address the rising costs of land and rental prices. Data from the market shows a stagnation in property purchases by citizens, as they await the impact of these measures, hoping they will bring stability to property prices in Riyadh and lower costs. In March, the Crown Prince directed the implementation of a series of regulatory measures, including lifting restrictions on the development of over 81 square kilometers of land north of Riyadh. This move is expected to deliver tens of thousands of affordable residential plots annually to citizens, following a significant rise in property prices in Riyadh. According to Saudi Minister of Municipal and Rural Affairs and Housing Majid Al-Hogail, these measures will add between 10,000 and 40,000 plots of land annually in the northern region of Riyadh, ensuring a better balance between supply and demand in the market. The Crown Prince has already donated 1 billion riyals to the National Developmental Housing Foundation (Sakan), represented by Jood Eskan, to support home ownership for eligible families across Saudi Arabia. The housing projects funded by this donation are to be completed within 12 months and executed by national companies. The Crown Prince also ordered monthly progress reports to ensure that all residential units are delivered within one year. Real estate market experts told Asharq Al-Awsat that current market data reveals a stagnation in property purchases by citizens, as they await the impact of recent policy changes and their potential to restore balance to the market. Many real estate companies and agencies have observed a decline in sales activity, with property marketers facing difficulties in encouraging buyers who prefer to delay decisions until the effects of Crown Prince Mohammed bin Salman's directives take shape. Real estate expert and marketer Abdullah Al-Mousa told Asharq Al-Awsat that the current stagnation in property prices in Riyadh is a direct result of the Crown Prince's initiatives to increase property supply, which aim to restore price equilibrium following the recent surge in real estate costs. He views the decline as a positive step toward balancing supply and demand, contributing to a more sustainable and fair market for all stakeholders. Al-Mousa anticipates that this stagnation will persist until all government directives are fully implemented in the coming months. He noted that, with plans to increase the property supply, the market could experience gradual recovery in the long term, especially given Riyadh's continued population and economic growth. The expert highlighted that several factors may sustain the current stagnation, including high interest rates, which reduce citizens' purchasing power, the oversupply of properties relative to demand, and global economic fluctuations that could affect investments. However, he emphasized that Riyadh's ongoing population growth, improving national economy, rising per capita income, large-scale infrastructure projects like the Riyadh Metro, and continued government support for housing programs are expected to drive the recovery of the real estate market. Al-Mousa also predicted further improvement in the sector as policies are implemented and market conditions are monitored.
Saudi Gazette
28-04-2025
- Business
- Saudi Gazette
From his own resources… Luminous lessons in leadership and humanity
In an era where words often outweigh actions, Saudi Crown Prince Mohammed bin Salman presents a fresh and living lesson in genuine leadership and humanity. The Crown Prince's unprecedented and generous donation of one billion Saudi riyals (approximately 267 million US dollars) from his personal funds to the National Developmental Housing Foundation (Sakan), through the 'Jood Eskan' initiative, reflects a profound commitment to serving the citizens. Yet, the true beauty of this act lies not merely in its extraordinary value, but in the deep messages it conveys — messages deserving of thoughtful reflection and admiration. First: A generous donation... Opening the widest doors of giving For a nation's leader to make a donation of this scale from personal wealth speaks not only of individual generosity but of a leadership vision that sees the citizen as the very heart and purpose of development. When the leader personally dedicates SR1billion to support dignified housing, it affirms that the bond between leadership and citizens is not one of authority and governance alone, but a bond of shared responsibility and familial care. This donation stands as a vivid testament that the citizen remains the central focus of every developmental project, and that dignity begins with a roof overhead. Second: Completion within 12 months... Speed in the service of humanity Crown Prince Mohammed bin Salman did not merely announce the donation; but he directed that all funded housing projects be completed within no more than 12 months — a clear declaration that the age of swift achievement has replaced the era of deferred promises. This emphasis on speed reveals a leadership philosophy that leaves no room for procrastination or bureaucratic delay. There is no space for frozen hopes trapped behind the walls of red tape. Citizens are to witness the fruits of initiatives promptly, rather than waiting for development promises to be buried in endless files. Thus, a new culture emerges: speed in the service of humanity. Third: National companies leading the projects... Boosting the local economy The Crown Prince's insistence that national companies undertake these projects reflects a deep-rooted patriotism that seamlessly links human service with economic empowerment. By assigning these tasks to Saudi firms, the initiative not only supports local expertise and talent but also stimulates the construction sector to reclaim its rightful place in the Kingdom's economic renaissance. Through this vision, the donation simultaneously fulfills two goals: providing homes for citizens and revitalizing the national economy by creating both direct and indirect employment opportunities. Fourth: Monthly progress reports... Rigorous oversight from the heart of leadership Success is not achieved through funding alone, but through diligent follow-up. Accordingly, Crown Prince Mohammed bin Salman directed that monthly reports on project progress be submitted. This instruction reflects a leadership spirit that does not merely launch initiatives but actively monitors, measures, and holds them accountable. Every riyal must be spent wisely. Every housing unit must meet the highest standards and be delivered precisely on schedule, reinforcing the citizens' confidence that their leadership is involved in every detail of their lives and dreams. Prince Mohammed bin Salman's donation is not measured solely by its financial value, but by the spirit driving it and the sincere intention that believes dignity begins with secure shelter. In every aspect of this initiative — from generosity to speed, from national economic empowerment to meticulous oversight — we discern the portrait of a leader who has chosen to be intimately involved in the details of his people's lives. Through initiatives like these, nations are not merely built; trust is nurtured, belonging is strengthened, and a conviction is reinforced: that leadership is not merely a position, but a relentless mission of service and generosity. When a leader becomes part of the dreams of his people, dreams transform into reality, hopes evolve into achievements, and the homeland becomes a shelter vast enough for everyone.
Saudi Gazette
28-04-2025
- Business
- Saudi Gazette
Crown Prince donates SR1 billion to support housing for eligible families
Saudi Gazette report RIYADH — Crown Prince and Prime Minister Mohammed bin Salman has donated SR1 billion from his personal funds to the National Developmental Housing Foundation (Sakan), represented by Jood Eskan, to support home ownership for eligible families across Saudi Arabia. Prince Mohammed directed that the housing projects funded by this donation be completed within 12 months and executed by national companies. He also ordered monthly progress reports to ensure that all residential units are delivered within one year. The donation reflects the Crown Prince's ongoing commitment to providing a dignified life for citizens by backing initiatives aimed at expanding housing opportunities in various regions of the Kingdom. The Crown Prince's contribution underscores his strong interest in the housing sector and his dedication to supporting low-income families, recognizing the role stable housing plays in promoting social stability and development across Saudi society.
