Project licenses total 192, valued at SAR 147B in 2024: Al-Hogail

Majed Al-Hogail, Minister of Municipal and Rural Affairs and Housing

Majed Al-Hogail, Minister of Municipal and Rural Affairs and Housing, said that the regulatory framework for the real estate sector witnessed significant growth in 2024, with 192 licenses issued for projects totaling SAR 147 billion.

In his speech at the Real Estate Future Forum, Al-Hogail emphasized that the regulatory framework is designed to facilitate and organize the development of real estate projects, from licensing procedures to the completion of developments.

Over the past few years, the real estate sector has seen the issuance of more than 20 key regulations announced by the Real Estate General Authority (REGA), aimed at organizing the sector, enhancing its attractiveness and vitality, and boosting confidence in it, the minister added. As a result, the real estate market has been recognized as one of the most improved markets globally.

Al-Hogail noted that the regulations have contributed to growth across all relevant fields, highlighting that the real estate sector has become one of the key pillars of Vision 2030.