Saudi Arabia’s real estate and
housing sectors show remarkable growth
Saudi Arabia’s real estate and
housing sector has made significant strides since the launch of Vision 2030 in
2016, and on Monday, key ministers shared updates on the country’s ongoing
success in urban development and housing.
At a press conference in Riyadh,
Housing Minister Majid Alhogail focused on the Ministry of Housing’s
accomplishments over the past year, including the successful development of the
Khuzam modern-housing suburb on Riyadh's outskirts.
“This project is a prime example of
how we’re transforming housing from a mere place to live into a complete living
environment,” Alhogail said.
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He highlighted 2024 as a year of
unprecedented progress, noting major achievements across investments,
industries, and municipal services. The housing and municipal sectors together
represent 14% of the Kingdom's GDP, with the housing sector alone providing
over 500,000 jobs and overseeing more than 300,000 entities under the Ministry
of Municipalities and Housing.
Alhogail also emphasized the growth
of real estate investment, revealing that the sector contributed more than 16%
of total foreign investment in the country, showcasing international confidence
in Saudi Arabia’s cities and regulatory reforms.
The minister also underscored the
importance of designing modern, smart cities that foster balanced, sustainable,
and green environments. “We’re focused on creating cities that meet the needs
of residents and inspire their aspirations,” he said, stressing that urban
design should prioritize people over cars.
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By the end of 2025, Alhogail noted,
the government aims to increase access to public spaces by 61% within an
800-meter radius of residential areas, further enhancing residents’ quality of
life.
Saudi Arabia now has six cities
officially recognized as smart cities by the IMD World Smart Cities Index:
AlUla, Makkah, Madinah, Riyadh, Jeddah, and Alkhobar. This recognition reflects
the country’s commitment to advanced urban planning and development.
Alhogail also pointed to the launch
of the Saudi Architecture Characters Map last month, a project guided by Crown
Prince Mohammed bin Salman, which highlights 19 architectural styles inspired
by Saudi Arabia’s rich cultural and natural heritage.
In addition, Saudi Media Minister
Salman Aldosari shared that several targets had been exceeded ahead of
schedule, acknowledging the challenges and opportunities brought by Vision
2030. “2024 was a year of records,” he declared, underscoring the Kingdom’s
progress in meeting its ambitious goals.
The ongoing urban and real estate
advancements are set to redefine Saudi cities, enhancing their global standing
while improving the quality of life for residents.
Source: Arab News
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