Minister of Municipal and Rural Affairs, Majid Al-Hoqail, expressed his gratitude to Crown Prince Mohammed bin Salman for his approval of a plan aimed at regulating the real estate environment and enhancing market balance. He emphasized that this step reflects the wise leadership’s interest in providing comprehensive developmental solutions that meet the needs and aspirations of citizens in the Kingdom’s cities.
Al-Hoqail stated that the approval prioritizes the citizen, especially in Riyadh, by addressing challenges related to land and rent price increases and working on enhancing the real estate supply through sustainable and diverse mechanisms. He highlighted that the White Lands program plays a significant role in regulating the real estate market and reducing monopolistic practices.
Completing the regulatory procedures for the White Lands program will strengthen its effectiveness and have a positive impact in the medium and long term, benefiting all sectors involved such as developers, owners, and beneficiaries. Furthermore, establishing regulatory guidelines for the rental market signifies a qualitative leap towards enhancing transparency, protecting rights, and ensuring a fair environment that stabilizes contractual relationships between landlords and tenants, thus boosting the sector’s attractiveness.
Al-Hoqail concluded by mentioning that the General Authority for Real Estate, in collaboration with the Royal Commission for Riyadh City, will monitor property prices in the capital and submit periodic reports to the Council of Ministers. This collaboration aims to enhance the efficiency of real estate policies, contribute to market stability, and achieve developmental targets.
