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Real estate are overpriced: Saudi minister


RIYADH — Minister of Municipal, Rural Affairs and Housing Majed Al-Hogail said that there are exaggerations in the real estate prices in Saudi Arabia. He noted that the real estate market in the Kingdom needs more supply in addition to offering larger units in Riyadh, Dammam and Jeddah.

The minister made the remarks while opening the second edition of the Real Estate Future Forum in Riyadh on Monday. He said that the Saudi leadership has supported the Ministry with a large number of plots of land that will be launched soon.

Al-Hogail stressed that the real estate sector enjoys unlimited support from the wise leadership and that enables it to increase its contribution to the gross domestic product (GDP).

“The first edition of the forum focused on the topic of harmonization and integration between government agencies and the public and private real estate development system, anticipating a better future of real estate.

“The second edition of the forum features local, regional and global character, focusing on local capabilities and global ambitions,” he said.

Al-Hogail stated that the three-day forum is discussing 10 strategic topics, the most important of which is the role of the emirates, governorates, ministries and mayoralties in harmonizing the empowerment of the real estate sector regionally and bringing out its effects on the real estate sector.

The forum will also address the future of the real estate sector and real estate systems between execution and monitoring.

Referring to the establishment of the Real Estate Registration Company, Al-Hogail said that the regions that come under the jurisdiction of the company will be announced during the second quarter of this year.

“This will increase the transparency and reliability of the data containing in the deed, as well as document the rights and obligations between the parties, and reduce the duplication of deeds,” he said while revealing that drafting of the Real Estate Contributions Law is nearing completion and that is in cooperation with the Capital Market Authority.

The minister pointed out that more than 150 distinguished dignitaries, including emirs of regional princes, ministers, deputy ministers and other officials from experts, companies, real estate institutions and personalities from inside and outside the Kingdom are attending the forum.

Around 60 real estate exhibitions are being held on the sidelines of the forum.

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