Specialists hailed the directives of Saudi Crown Prince Mohammad bin Salman to increase the allocation of new residential lands by an area of 20 million square meters north of Riyadh and to transfer full ownership to the Ministry of Municipal and Rural Affairs and Housing.
The decisions, they said, come in line with Riyadh’s recently announced strategy to raise the rate of real estate products to meet the accelerated population growth in the capital, enhance the balance of property prices and support the diversity of real estate.
The allocation aims to increase the area of the residential suburb of Al-Jawan - north of Riyadh - from 10 million square meters to 30 million square meters, and to build additional housing units through integrated projects, facilities and services in partnership with the private sector.
In remarks to Asharq Al-Awsat, experts pointed to the importance of the decision as it would positively impact other sectors, such as contracting and raw materials and stimulate the growth of areas north of Riyadh.
Mohammad al-Murshid, vice president of the Chamber of Commerce and Industry in Riyadh, told Asharq Al-Awsat that Saudi Arabia’s vision has managed during the past five years to achieve a great leap in the housing sector.
Manassat Real Estate CEO Khaled Al-Moubayed said that doubling the number of housing units would have a positive impact on more than one hundred sectors, such as contracting and building materials.
The additional spaces allocated to the housing sector north of Riyadh will provide more than 53,000 different housing units and enable more Saudi families to own properties in the areas.