Brokerage, off-plan sales key to regulating real estate market, 2025 poised for housing boom: Al-Hogail

Al-Hogail stated that all land-related laws, encompassing establishment, sale, development, and utilization, demonstrated significant maturity and effectiveness.

Speaking on the sidelines of the fourth edition of the Real Estate Future Forum, the minister announced that the real estate sector witnessed a 6.49% growth rate in 2024, marking a 14% year-on-year (YoY) increase.

The construction sector also expanded by 7% YoY to 5.49%, Al-Hogail said. Additionally, the municipal sector's economic contribution reached 14%, underscoring the Kingdom's significant development in the housing sector.

The minister said that 2025 will be a pivotal year for housing development, driven by a significant increase in housing unit supply.

The ministry intends to provide over 20,000 affordable housing units priced below SAR 450,000 for eligible citizens, aiming to stabilize market prices.

Furthermore, a collaboration between the ministry and the private sector aims to deliver over 140,000 housing units across major cities, with an average price of less than SAR 850,000.

These efforts will significantly contribute to enhancing the economic and development progress, Al-Hogail said. The ministry is working to accelerate construction and development by signing agreements with many local factories to integrate manufacturing facilities within residential projects, such as the Khazam and Al-Fursan projects.  

This strategic approach aims to streamline project timelines and deliver integrated products to citizens, Al-Hogail said.