Saudi Housing Chief: Market Stabilizes

The statements by the Saudi Minister of Housing confirm that the real estate market in Saudi Arabia is experiencing a major shift from a speculative-driven market to one focused on real estate development and increasing supply. The gradual program to achieve market balance is proceeding according to set objectives, with indicators showing a decline in inflated prices and a significant reduction in speculative activity, especially in the peripheral areas of Riyadh and regions with full services. Currently, the market is also concentrating on boosting real estate supply through expanding development licenses, with over 27 million square meters of applications received, aiming to increase the number of units and diversify residential products. The minister emphasized that this transformation aims to ensure market sustainability and enhance its attractiveness for both domestic and foreign investments, while also standardizing real estate regulations and procedures across the Gulf Cooperation Council countries to improve the efficiency of the real estate system and support regional economic integration.

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