The Saudi Housing Ministry is looking to boost the Kingdom’s real estate market, especially in terms of supporting residential infrastructure. It launched 16 initiatives, looking to increase market value.
Real-estate experts confirmed that the initiatives are starting to show real-time results, stressing that the Ministry will not hesitate in announcing new initiatives if they prove helpful in contributing to solving the housing problem in Saudi Arabia and provide housing for all citizens.
The Mostadam (Arabic for sustainable) program was reviewed positively by experts who say it helps to preserve market value and the median age of buildings and works to attract investment.
Economics Professor Salem Baajajah stressed that Mostadam is one of the most important initiatives announced by the Ministry in the past period. This is traced to its many benefits and extra goals that were necessary in order to complete the scene for the real estate sector.
“The government, represented by the Ministry of Housing, allocates billions of riyals to provide housing for citizens, in view of the high demand for construction, whether by the state or by the citizen, it was necessary to ensure that these new buildings are built according to safety and security standards,”Baajajah said in his review of the Mostadam initiative.
“Mostadam fulfills all conditions combined through services it offers to all those wishing to build their homes,” he added.
“It works to offer services and solutions to boost the quality of buildings and increase water and power efficiency and the confidence index,” Baajajah told Asharq Al-Awsat.
“Adhering to the terms of this initiative ensures that operation and maintenance costs of housing units are reduced…it also reduces potential risks in the housing construction process and the costs entailed,” he added.
Mostadam provides services such as quality inspections for residential units belonging to real estate developer. A certificate is handed out to qualifying buildings.
