Saudi Cabinet’s approval of property sector strategy echoes Kingdom’s efforts, says official

The Saudi Cabinet’s approval for the real estate sector updated comprehensive strategy reflects the Kingdom’s efforts to develop the industry and increase its contribution to gross domestic product (GDP), being a key pillar of national economy, SPA reported, citing Vice Chairman & Governor of the Real Estate General Authority (REGA), Issam Al-Mubarak.

“This will help improve the performance of the real estate entities, especially small and medium ones, attract investments, and provide job opportunities for youth,” Al-Mubarak added.

The real estate sector strategy comprised four key pillars, while focusing on 15 goals, 18 initiatives, and 22 indicators.

The four pillars mainly include:

-Real estate sector governance, which covers the related regulations, policies, plans as well as the monitoring mechanism;

-Real estate sector sustainability, which covers an initiative to set up a sector database, a realty indicators platform, in addition to mapping out classification criteria for real estate brokerages;

-Market efficiency, which covers the implementation of the applicable regulations, registration of land plots and properties, development of a central record for land plots and properties, and a registration e-platform;

-Partners’ servicing that covers the development of measures and policies to resolve real estate disputes, establishment of a real estate arbitration center, in addition to organizing sales and marketing of real estate projects.

Saudi Arabia’s Cabinet, chaired by King Salman bin Abdulaziz, approved, on Tuesday, Dec. 8, the updated comprehensive strategy of the real estate sector, Argaam reported.