- Saudi Arabia has introduced 18 legislative initiatives aimed at boosting the real estate sector. These initiatives are part of the broader Vision 2030 plan to diversify the economy and reduce reliance on oil revenues
Saudi Arabia prioritizes real estate sector with 18 legislative initiatives to drive growth
RIYADH: The Saudi government is prioritizing the real estate sector, enacting over 18 pieces of legislation to drive its growth and significantly boost its gross domestic product.
This initiative was highlighted during the recently concluded second edition of the Saudi Exhibition for Real Estate Development and Ownership, or SEREDO, held in Jeddah. The event aimed to raise awareness, explore development opportunities, and review investment potential in the sector.
According to Tayseer bin Mohammed Al-Mufarrij, spokesman for the Real Estate General Authority, over 18 legislations have been issued to date. These include real estate systems, executive regulations, and regulatory rules, reflecting the government’s commitment to this sector as part of Vision 2030.
He emphasized the sector’s role and contribution to the Kingdom’s GDP, reaching 5.9 percent in the fourth quarter of 2023. He also noted that the property sector’s contribution to the country’s non-oil activities was 12.1 percent, as reported by the Saudi Press Agency.
During the expo, Abdullah bin Saud Al-Duhaim, general supervisor of property development at REGA, provided a detailed explanation of the new system for selling and leasing off-plan real estate projects and its recently approved executive regulations.
In a workshop on the sidelines of the event, Al-Duhaim and other officials outlined the procedural steps for applying for qualification, obtaining licenses to practice the activity, and the requirements for developers to register with the authority.
They also underscored the importance of complying with the regulations and legislation governing the sector, which aim to provide high-quality services, enhance reliability, increase transparency, and protect the rights of all stakeholders.
REGA’s participation in SEREDO 2024 is part of its role in raising awareness about real estate, exploring development opportunities, showcasing investment prospects, and exchanging experiences with industry professionals, SPA added.
It also aims to engage the community in creating solutions to challenges, advancing toward future horizons that enhance the prosperity and sustainability of the real estate market.
This approach seeks to make the sector dynamic and capable of adapting to rapid changes, which aligns with Vision 2030 objectives.
The real estate development and ownership field in the Kingdom is considered one of the largest growing sectors in the Middle East. Its volume is estimated at approximately $69.51 billion in 2024 and is expected to reach $101.62 billion by 2029, recording a compound annual growth rate of 8 percent.
