Arab News, Mon, May 20, 2024 | Dhu al-Qadah 12, 1445
Saudi Arabia prioritizes real estate sector with 18 legislative initiatives to drive growth
Saudi Arabia:
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.