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Real estate sector accounted for 6.49% of the GDP in Q3 2024 Saudi Arabia issued 192 licenses for real estate projects last year, with a total value exceeding 147 billion Saudi riyals ($39 billion), Minister of Municipalities and Housing Majid bin Abdullah Al-Hogail said during the Real Estate Future Forum 2025 on Monday. The minister also highlighted that over the past few years, REGA (Real Estate General Authority) introduced more than 20 key real estate regulations to enhance transparency, boost investments improve efficiency in the sector. These include: Foreign ownership: Regulations now allow foreign investors to own real estate in designated areas, including economic cities and major developments such as NEOM and the Red Sea Project. Sales and Rentals: Clear guidelines for sales, rental operations, and licensing conditions for real estate activities. Development of mortgage system Building and Urban Planning Laws: Updated standards focus on sustainability, innovation, and modern construction technologies such as smart construction and green buildings. Anti-Corruption Legislation: Measures to combat corruption include regulating public auctions, preventing monopolies, and curbing real estate price manipulation. Real Estate Investment Funds: New regulations promote diverse and secure investment opportunities for both local and foreign investors. The government has streamlined property registration system, simplifying registration procedures, reducing bureaucracy, and making it easier for citizens and investors to document their property rights quickly and easily. Implementation of modern technologies allow citizens and investors to access property records and real estate data online. Tax incentives and customs exemptions have been established to encourage investment. Al-Hogail also noted that home ownership rate among Saudi citizens exceeded 64 percent by the end of 2024. He said the real estate sector’s contribution to the GDP touched 6.49 percent in the third quarter of 2024, an increase of 14 percent over last year. Construction and building activities contributed 5.64 percent in the same period, up seven percent from the previous year period. |
