Housing Ministry eyes 27 residential projects to provide 190,000 units in 12 regions

The real estate sector achieved unparalleled success in light of the Kingdom’s regulations, which helped boost the real estate industry and reach supply-demand balance, said Minister Majid Al-Hogail, on the sidelines of the inauguration of RESTATEX Riyadh Real Estate Exhibition.

The ministry is set to build residential districts in other cities over the coming years, following the urban expansion in the main cities, which will provide promising investment opportunities in addition to jobs for Saudis.

The development of the real estate activities hinges on two fundamentals; first, the functionality of regulations and its integration with other rules in commerce or investment fields; and the efficient as well as sustainable public-private sector partnerships.

The real estate sector targets new regulations and unconventional solutions based on integrated roles between public and private sectors. It is also developing new mechanism to enhance competitiveness and resilience in the light of the local as well as international developments, in addition to the continuously changing real estate indicators, which mirror the real estate market.

Saudi Arabia has up to 40 factories offering construction and building techniques. This number is expected to double over the coming years, amid drastic changes and growing demand in the industry.