Within days of its launch, the “Real Estate Balance Platform” has drawn overwhelming attention in Riyadh, quickly positioning itself as the preferred option for citizens looking to buy residential land at affordable prices.
The platform, introduced last Thursday by the Royal Commission for Riyadh City, comes under directives from Saudi Crown Prince Mohammed bin Salman as part of an ambitious effort to bring order to the capital’s real estate sector.
The initiative pledges to release 10,000 to 40,000 serviced residential plots each year for the next five years, with a fixed price cap of SAR1,500 ($400) per square meter.
Real estate sources told Asharq Al-Awsat that the new platform has already generated wide interest among potential buyers.
This surge has been accompanied by a noticeable decline in reliance on traditional real estate offices, whose listings are seen as overpriced compared with the government-backed program.
Since the launch, residents have been quick to register in hopes of securing land and building their first homes at more manageable costs.
Eng. Hamed bin Hamri, CEO of Tamkeen Investment and a member of the Eastern Province Chamber’s Real Estate Committee, said the platform will steadily release plots starting next year.
“This will give citizens real opportunities to own and build homes,” he said, adding that the pricing ceiling reflects a serious step toward regulating the market, reducing chaos, and restoring transparency.
Real estate expert Ahmed Omar Basudan stressed that the move is aimed at easing the burden on low- and middle-income families.
“Making between 10,000 and 40,000 plots available annually will naturally cap land and housing prices in Riyadh,” he said. He pointed to the Crown Prince’s recent decision to lift restrictions on sales, subdivisions, and permits in northern Riyadh as part of a broader strategy to balance supply and demand.
The Royal Commission confirmed that applications will be accepted through October 23. Eligible applicants must be married or at least 25 years old, have resided in Riyadh for three years, and must not already own property.
Successful applicants will be barred from selling or transferring their land for 10 years, except when mortgaged to finance construction. If no building takes place within that period, the land will revert to the state, with compensation provided.
Officials underlined that registration order does not affect eligibility and stressed that the platform is the only official channel for applications.
“No intermediaries or third parties are involved,” the Commission said, adding that updates will be communicated solely through official outlets.
