Director General of the General Directorate of Real Estate Engineer Abdullah Al-Hammad confirmed that the real estate sector accounts for approximately 5.1% of total domestic product and 12.8% of non-oil domestic product, as the trading volume was around 400 billion rials.
Engineer Abdullah Al-Hammad said during an Al Lebanon meeting with Abdullah Al-Mudaifer on Gulf Rotana that one of the Commission’s most important goals is to be the sole authority responsible for all real estate related matters in Saudi Arabia.
The Director General of the General Directorate of Real Estate added that there are about 40,000 real estate brokers on the records and about 20,000 actual practitioners.
Al-Hammad explained that last year there were 290,000 real estate transactions and 2.3 million leases, indicating that the new system of foreign property ownership is in its final stages.
And the general director of the General Directorate of Real Estate continued: “The city area of Riyadh is 3,115 square kilometers, of which about 67% is built…and the number of housing units in Riyadh has reached approximately 1.4 million units.”
Regarding his expectations for real estate prices, whether the price rises or falls, he said that there is an equation between supply and demand, pointing out the need to increase the supply of real estate through government or quasi-government intervention with pumping installations at reasonable prices. prices, which is what happened.
And he continued that the proposal should be supported by the provision of lands with a symbolic value by the government, which creates real estate suitable for the purchasing value of citizens, and we achieve an appropriate price.
#Almodiver The CEO of the Real Estate Authority asks: Will the price of real estate go up or down?@almodifer @a_salhammad#Real Estate_Authority_in_Liwan_Al-Mudifer pic.twitter.com/eQlwKao8RM
— Lebanon (@almodifershow) March 24, 2023
