Real estate deals exceed SAR 630B YTD: Al Hogail

The value of Saudi Arabia’s real estate deals year-to-date (YTD) exceeded SAR 630 billion, Minister of Municipalities and Housing Majed Al Hogail said at Cityscape Global 2024 in Riyadh.

Meanwhile, the number of real estate developers, local and international, in the Kingdom crossed 170.

He expects agreements to be signed and mega projects, worth more than SAR 180 billion, to be launched during the exhibition.

Local banks increased the volume of real estate financing from SAR 200 billion in 2018 to SAR 800 billion currently, to provide innovative financing solutions to meet the volume of projects in the sector.

The real estate finance market is expected to hit SAR 1.3 trillion in 2030, which reflects the market stability and mitigates the effects of financing profit rates. It will also contribute to attracting developers and enabling them to provide housing options at competitive prices.

The Ministry of Municipalities and Housing is developing the real estate sector as an integrated system to achieve future objectives.

It enhances supply by upgrading the local market and attracting mega-international companies in the real estate development field.

In addition, it adopted multiple construction technologies, ensured the value chain for building materials to reach their place, and developed specialized capital markets to support the provision of appropriate real estate financing solutions.

Al Hogail highlighted that the National Housing Co. (NHC) achieved sales of SAR 13 billion in H1 2024, through 13,000 housing units, exceeding the number of units in the same period last year by four times.