Saudi real estate market to see 500,000 new financing contracts in coming years: Al-Hogail

Minister of Municipal and Rural Affairs and Housing Majed Al-Hogail

Minister of Municipal and Rural Affairs and Housing Majed Al-Hogail said that the Kingdom's real estate market will witness more than 500,000 new financing contracts in the coming years, and the implementation of more than 300,000 units across all cities and regions, with the aim of improving the balance of the real estate market by introducing innovative financing solutions.

During the inauguration of the Future of Real Estate Forum today, Al-Hogail added that the figures and future studies confirm that the residential real estate sector will likely see an increase in the number of new housing units by about 375,000 units, compared to less than 20,000 units in 2016, i.e. before the launch of the Vision 2030 programs.

Al-Hogail also said that the real estate sector is witnessing a boom, as it records more than 12,000 units monthly, including ready and under construction units, in addition to self-built units for those who own land at a rate of 6,000 per month, according to the Saudi Press Agency.

 The minister also revealed the ministry’s plan to increase the maximum contractual terms to 50 years, with the aim of creating an environment that attracts real estate investment in the municipal sector.