Saudi Minister of Housing to Al Arabiya: The real estate market in Riyadh is no longer subject to speculation

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Saudi Minister of Municipalities and Housing Majid Al-Hogail said that the real estate market in Riyadh is no longer a market for speculation, noting that exaggerations in real estate prices have begun to decline and the market is moving towards development.

In an interview with Al Arabiya Business, Al-Hogail stressed the importance of unifying frameworks, guidelines and standards among the Gulf countries, considering that the foreign investor now views the GCC countries as an integrated market.

The Minister of Housing indicated that the white land fees aim to increase supply.

He added that regulating the real estate sector accelerates the pace of development, and that clear and stimulating real estate regulations support economic growth.