Sunday, September 24, 2017

Saudi Arabia unveils new schemes to boost real estate

The Saudi Ministry of Housing has launched a series of programmes and initiatives to help achieve the kingdom's Vision 2030 and the National Transformation Program (NTP) 2020.

The directives from the ministry are aimed at giving citizens the opportunity to own properties, improve the performance of the real estate sector and increase its production besides promoting real estate offers, and increase productivity to provide real estate properties in good condition and proper prices, reported Arab News.

One of the ministry’s programmes aims to find solutions for the many challenges facing the rental industry, which represents half the country's housing sector in order to create a safe and sustainable housing environment.

The ministry's directive is in bid to achieve one of NTP’s key goals to increase the rate of property ownership to 52 per cent, stated the report.

It has already signed many contracts and conventions with banks, financial institutions and real-estate developers both locally and internationally to provide houses for the needy.

Currently, 46 projects providing 13,793 housing units are under development in the kingdom, of which nine have already been delivered in Riyadh, Makkah, Sharkiyah, Qasim, Jawf and Baha areas, said the Arab News report.

The ministry is also working to establish infrastructure to provide water, roads, lighting, gardens and spaces for schools and other projects for these units, it added.

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