Latest news with #SaudbinAbdullah
Gulf Insider
31-03-2025
- Business
- Gulf Insider
Saudi Crown Prince Orders Real Estate Reforms, Caps Land Prices To Stabilise Riyadh Market
Saudi Crown Prince Mohammed bin Salman has directed a series of transformative measures aimed at stabilising the real estate market in Riyadh, due to the significant rise in land prices and rental costs in the capital. The move follows an in-depth study conducted by the Royal Commission for Riyadh City (RCRC) and the Council of Economic and Development Affairs, which assessed the challenges facing the city's housing market. As part of such measures, the Crown Prince has ordered lifting restrictions on land transactions and development in two key northern areas of Riyadh. These areas, covering a total of 33.2 square kilometers, will now allow the sale, purchase, division, and subdivision of land, as well as the issuance of building permits. The first area covers 17 square kilometers, bordered by King Khalid Road to the west and Prince Saud bin Abdullah bin Jalawi Road to the south. The second area covers 16.2 square kilometers north of King Salman Road, extending to Abu Bakr Al Siddiq Road and Al Qayrawan District. This initiative aims to address the escalating housing crisis in Riyadh, with the total land now made available for development reaching 81.48 square kilometers, including previously lifted restrictions on 48.28 square kilometers. To further address the growing demand for housing, the RCRC has been tasked with providing between 10,000 and 40,000 residential plots annually over the next five years. These plots will be sold at a capped price of 1,500 riyals per square meter, available to married Saudi citizens or individuals over the age of 25, provided they do not already own property. Strict regulations will be enforced on these plots, preventing resale, rental, or mortgage for 10 years, except when used to finance construction. If the land remains undeveloped within this period, ownership will revert to the government, with the buyer reimbursed. Additionally, the Crown Prince ordered amendments to the White Land Tax Law, designed to stimulate the development of vacant land, which will be introduced within 60 days. In an effort to ensure fairness in the rental market, regulatory measures will be implemented within 90 days to balance the interests of landlords and tenants. The General Authority for Real Estate and the Royal Commission for Riyadh City will monitor real estate prices closely, submitting regular reports to assess the effectiveness of these reforms and ensure long-term market stability. This initiative underscores the Kingdom's commitment to creating a more accessible, transparent, and sustainable real estate market.
Arab News
29-03-2025
- Business
- Arab News
Saudi Crown Prince issues directives to curb rising land prices and rents in Riyadh
RIYADH: In response to the rising land prices and rental costs in Riyadh, Crown Prince Mohammed bin Salman on Saturday directed a series of measures aimed at achieving stability in the real estate sector, the Saudi Press Agency reported. The decision followed a study carried out by the Royal Commission for Riyadh City and the Council of Economic and Development Affairs, which assessed the challenges facing the market in the Saudi capital. A key aspect of the directive will be the lifting of restrictions on land transactions and development in northern Riyadh. The move will allow for the sale, purchase, division, and subdivision of land in designated areas, as well as the issuance of building permits, SPA reported. The areas affected include a 17-square-kilometer section north of Riyadh, bordered by King Khalid Road to the west and Prince Saud bin Abdullah bin Jalawi Road to the south, as well as a 16.2-square-kilometer area north of King Salman Road, extending to Abu Bakr Al-Siddiq Road and Al-Qayrawan District. These additions, combined with previously lifted suspensions covering 48.28 square kilometers, bring the total area now available for development in Riyadh to 81.48 square kilometers. To increase housing accessibility, the RCRC has been tasked with providing planned and developed residential lands for citizens. Between 10,000 and 40,000 plots will be made available annually over the next five years, at a capped price of 1,500 riyals per square meter. These plots will be offered to married citizens or individuals over the age of 25, provided they do not own any existing real estate. Strict regulations will govern the issuance of this land, preventing resale, rental, or mortgage for 10 years, except when used to finance construction. If the land remains undeveloped within this period, ownership will revert to the government, with the buyer reimbursed. To further stimulate real estate supply, amendments to the white land fees system — a policy designed to encourage the development of vacant land — will be introduced within 60 days. Additionally, regulatory measures will be implemented within 90 days to ensure a fair balance between landlords and tenants. Finally, the General Authority for Real Estate and RCRC have been assigned the task of monitoring and controlling property prices in Riyadh. They will submit periodic reports to assess the effectiveness of these measures and ensure that the real estate market remains stable and accessible.
Zawya
21-02-2025
- General
- Zawya
Jeddah governor inaugurates Hira Park and Walkway and 2 parks in Al-Shatea neighborhood
JEDDAH — Jeddah Governor Prince Saud bin Abdullah inaugurated on Thursday Hira Park and Walkway and two parks in Al-Shatea district. The ceremony was held in the presence of Jeddah Governorate Mayor Saleh Al-Turki, and a number of mayoralty officials. Hira Park and Walkway is located on an area of 70,000 square meters, and will be connected to a 26,000 square meter agricultural nursery, to support the vegetation cover in the city. This aims to improve the quality of life and create a sustainable urban environment according to the highest design standards, in line with the goals of the Kingdom's Vision 2030 in humanizing cities and enhancing the urban landscape. The park and walkway project provides various spaces and elements, including green spaces with an area of 4,770 square meters, in addition to areas for events extending over 4,770 square meters, and others designated for children's games and sports activities, giving visitors an integrated entertainment experience. The 1,227-meter-long walkway is a key element of the project, along with a bicycle path and a 900-meter-long path for the blind, enhancing the inclusiveness of the design and supporting healthy lifestyles. The project enhances the environmental landscape by planting 24,550 trees and shrubs, in addition to equipping the site with 91 seating areas, and providing 536 parking spaces, including parking spaces designated for people with disabilities, in addition to investment areas extending over 4,000 square meters, overlooking the main streets, which contributes to supporting economic activity and services provided to visitors. The Hira Park and Walkway project represents a model for optimal use of public spaces and transforming them into vibrant urban destinations, allowing residents and visitors to exercise in a sustainable natural environment, which enhances health and supports efforts to improve the urban landscape in the governorate. Shatea District 1 and 2 parks are part of the project to improve the urban landscape of the streets leading to the Formula 1 Race Area - District 7. Their total area exceeds 28,000 square meters, and includes designated areas for children's games, events, a multi-use square, a bicycle path, green spaces, and investment areas.
Saudi Gazette
20-02-2025
- General
- Saudi Gazette
Jeddah governor inaugurates Hira Park and Walkway and 2 parks in Al-Shatea neighborhood
Saudi Gazette report JEDDAH — Jeddah Governor Prince Saud bin Abdullah inaugurated on Thursday Hira Park and Walkway and two parks in Al-Shatea district. The ceremony was held in the presence of Jeddah Governorate Mayor Saleh Al-Turki, and a number of mayoralty officials. Hira Park and Walkway is located on an area of 70,000 square meters, and will be connected to a 26,000 square meter agricultural nursery, to support the vegetation cover in the city. This aims to improve the quality of life and create a sustainable urban environment according to the highest design standards, in line with the goals of the Kingdom's Vision 2030 in humanizing cities and enhancing the urban landscape. The park and walkway project provides various spaces and elements, including green spaces with an area of 4,770 square meters, in addition to areas for events extending over 4,770 square meters, and others designated for children's games and sports activities, giving visitors an integrated entertainment experience. The 1,227-meter-long walkway is a key element of the project, along with a bicycle path and a 900-meter-long path for the blind, enhancing the inclusiveness of the design and supporting healthy lifestyles. The project enhances the environmental landscape by planting 24,550 trees and shrubs, in addition to equipping the site with 91 seating areas, and providing 536 parking spaces, including parking spaces designated for people with disabilities, in addition to investment areas extending over 4,000 square meters, overlooking the main streets, which contributes to supporting economic activity and services provided to visitors. The Hira Park and Walkway project represents a model for optimal use of public spaces and transforming them into vibrant urban destinations, allowing residents and visitors to exercise in a sustainable natural environment, which enhances health and supports efforts to improve the urban landscape in the governorate.
