Saudi Arabia.. government measure that will help reduce property prices

Saudi Minister of Municipal and Rural Affairs and Housing Majid Al-Khogail said: “The increase in property prices is currently somewhat exaggerated, so we need to pump large land in the concentrated cities of Riyadh, Jeddah and Dammam. .”

During a speech at the Future Real Estate Forum in Riyadh, the minister emphasized that “the leadership has supported us (the ministry) with a large number of lands that we will launch soon to ensure that they are transferred to citizens and that they receive housing with an ambitious quality of life, in integrated residential suburbs, in which the resident will find everything he needs, And this will be inside the cities.

He added: “We need successful experience in other countries to help us in this context, as we need developers who understand large residential suburbs and we will announce the names of regional and international developers who will be present in the Kingdom and not compete with local developers, but the demand for developers in the Saudi Arabian market is very high, and we need a variety of players offering different services.

The Saudi Minister pointed out that during the recent visit of the President of China, agreements were signed with 3 Chinese companies.

He said that given the size of the large projects that have been launched with the Saudi vision, the size of the contractors may not be able to cover the demand in the market and we need to offer large units.

Source: numbers

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