Minister of Housing rolls out rent index, programs for real estate developers

The Rent Index launch at RESTATEX

Majed Al Hogail, Minister of Municipal and Rural Affairs and Housing, launched today, March 1, the programs of “real estate developers support” and “transformation of contractors into real estate developers” during Riyadh RESTATEX Real Estate Expo at Riyadh International Convention & Exhibition Center.

Al Hogail also rolled out the Rent Index for major cities in the Kingdom, state-owned SPA reported.

Both programs aim to empower property developers and enhance their capacities to be qualified for implementing residential projects that meet the aspirations of Saudi households and increase home ownership percentage to 70% by 2030.

The new index also seeks to help tenants and decision makers get detailed information on the level of all neighborhoods in major cities at first stage.

Meanwhile, Al Hogail stressed the strong ties between the ministry and the private sectors, through more than 80 developers across the Kingdom. In addition, there are over 400 qualified developers that can work on off-plan sales and rent program’s projects (Wafi) to increase home supply in the market.

He also underlined the importance of deploying modern methods of construction in 60% of the ministry’s projects to speed up construction, compared to conventional methods. He also highlighted the roles of the Saudi Real Estate Arbitration Center (REAC) in cooperation with the Ministry of Justice in dispute resolution, as well as the roles of e-portals, such as Sakani, in the protection of rights.