RIYADH: The second Real Estate Future Forum concluded in Riyadh on Wednesday following the participation of 30 states and 100 speakers representing public and private sectors, along with leading economics experts, investors, and decision-makers, both local and global.
Specialists in Saudi housing at the three-day event underlined the necessity of investing in the sector through various financing alternatives, based on the capabilities and demands of customers.
Minister of Municipal, Rural Affairs and Housing Majid Al-Hogail said that in-kind registration was one of the main priorities of the real estate sector’s comprehensive strategy, adding: “It is directly linked to the reliability and investment attractiveness of the real estate sector.”
He noted that 2022 had witnessed radical developments and major transformations “as well as the launch of a single entity in charge of registration of property, which is the General Real Estate Authority, in addition to issuing the law of property registration and its implementing regulations.”
The forum addressed several themes, such as the role of the emirates, governorates, ministries and secretariats in aligning to empower the real estate sector, and regional efforts and their impact on the growth of the sector.
The forum also focused on the future of real estate investment, and regulations.
Mansour bin Madi, CEO of the Real Estate Development Fund, said that the individual real estate finance market grew significantly, reaching SR674 billion ($179.5 billion) from January to November 2022, up nearly 130 percent from SR287 billion in 2017.
This reflected the success of the housing plan, one of the Kingdom’s Vision 2030 programs.
Bin Madi added that the Real Estate Development Fund’s initiatives are supported by “best global standards” digital governance, citing the execution of more than 10 million digital operations through 43 e-services, as well as the fund’s programs and services with more than 103 e-services.
He noted that the private sector’s role in providing finance and land support to citizens had become more effective, citing the sustainability of the finance market and support programs as a result of the signing of more than 150 strategic agreements with the private sector, which contributed to providing solutions.
Noffel Al-Salama, CEO of the Housing Program, explained that the scheme had various problems and needed “a major overhaul of its system, whether related to the provision of real estate supply or essentially financial alternatives.”
According to Al-Salama, the housing sector accounts for more than 60 percent of the real estate industry and requires development in terms of developer empowerment, reorganization, and law to deliver the housing units demanded by citizens.
Al-Salama indicated that the program nevertheless provides housing solutions that meet the needs and aspirations of Saudi families and that “one of the most important of them is to facilitate the acquisition procedures with an immediate entitlement to direct access to finance through the pertinent regulation to reach the desired targets and achieve growth in terms of control of legislation and government directives.”
Entrustment and Liquidation Center CEO Hussein Al-Harbi said that the body is responsible for encouraging cooperation between government and judicial bodies, as well as working to empower and support the private sector involved in judicial and governmental liquidation operations.
