His Royal Highness Prince Mohammed bin Salman, Crown Prince and Prime Minister, has issued a series of urgent directives aimed at achieving balance in Riyadh’s real estate sector and addressing the significant rise in land and rental prices over recent years.
The measures include:
Lifting Restrictions on Real Estate Transactions: This encompasses sales, purchases, subdivision, issuance of building permits, and approval of plans in several areas of northern Riyadh, thereby unlocking vast land areas to stimulate real estate activity.
Provision of Planned and Developed Residential Lands: The Royal Commission for Riyadh City is committed to supplying between 10,000 to 40,000 residential plots annually over the next five years, priced at no more than 1,500 SAR per square meter. These plots are designated for married citizens or those over 25 years old who do not own prior properties.
Amendment of the White Land Tax System: Implementation of proposed amendments to the system within 60 days to enhance real estate supply and achieve market equilibrium.
Regulation of Landlord-Tenant Relationships: Necessary legal measures to be taken within 90 days to balance the interests of landlords and tenants effectively.
Monitoring Real Estate Prices: The General Authority for Real Estate and the Royal Commission for Riyadh City are tasked with monitoring and reporting on real estate prices in Riyadh regularly.
These initiatives aim to foster balance in the real estate sector, provide suitable housing options for citizens, and curb unwarranted price increases.
