REGA CEO says real estate balance measures regulate market, achieve stability

Abdullah Alhammad CEO of the Real Estate General Authority (REGA)

Abdullah Alhammad, CEO of the Real Estate General Authority (REGA), praised Crown Prince Mohammed bin Salman's announcement regarding the approval of several measures to balance the real estate sector in Riyadh, the Saudi Press Agency reported.

The measures include lifting the suspension on transactions related to land plots, north of Riyadh, as well as regulating the real estate market, monitoring and controlling prices, and taking the necessary legal actions to issue proposed amendments to the Fee system of Idle Lands. Additionally, the measures aim to provide land plots annually subject to specific conditions.

Alhammad affirmed that the Crown Prince’s announcement reflects the leadership’s commitment to prioritizing the interests of citizens through providing effective and rapid solutions to address the challenges of the residential and commercial real estate sectors.

This will reflect positively on market regulation, justice, and stability, the CEO said, adding that the directives come as part of the leadership’s vision to enhance real estate supply and control fluctuations that affect housing ownership and commercial investments amid Riyadh's urban development.

According to data available with Argaam, the Crown Prince directed the implementation of several measures to balance the real estate market in Riyadh amid higher land prices and rentals.