Majed Al-Hogail, Minister of Municipal and Rural Affairs and Housing, said that the real estate sector in the Kingdom is on the verge of radical developments that will contribute to the growth of the sector's contribution to the gross domestic product by more than 8.8% by 2030.
In his speech at the Future of Real Estate Forum today, Al-Hogail added that the developments will also contribute to increasing the registration of real estate professionals from developers, real estate offices and others by 80%, which will enhance the growth of employment opportunities in the sector at an annual rate of 2.57% until 2030.
He stated that in the past, there was not enough investment in the concept of industrial, agricultural, touristic, commercial real estate and other sectors related to real estate activities, and today each of these sectors in the Kingdom has its own real estate concept. perform these activities.
With regard to the rental sector, Al-Hogail explained that finding controls on rent through the electronic "rent" network contributed to improving rent controls and the quality of living for residents, which will affect the social capital index and raise the percentage of families' savings from their income from 6% to 10%.
And he indicated that among the initiatives of the general real estate strategy is the initiative to organize the rent control mechanism, as the current average of rent amounts is equivalent to 11.8% of the family's income, and it is expected that this regulation will contribute to increasing the available personal income and directing it to personal savings.
He pointed out that the real estate sector witnessed a growth in the registration of land and property through the establishment of the Register of Land and Property Center in Saudi Arabia with a coverage rate of 85%, in addition to improving mechanisms and procedures for resolving real estate disputes and establishing a real estate arbitration center, which helped reduce the time taken to resolve disputes that were settled from During the center to an average of one month.