الحقيل: الرياض تحتاج إلى 130 ألف وحدة سكنية سنوياً

The Minister of Municipal and Rural Affairs and Housing, Majid Al-Hoqail, revealed that the city of Riyadh needs between 120,000 and 130,000 housing units annually to meet the demand there.

He explained that Riyadh has witnessed the largest price increase compared to other cities that are experiencing natural growth, which is why a number of decisions have recently been issued to diversify the available options. He indicated that the Ministry of Housing is working to stimulate the development and real estate financing process and the sectors related to it, according to his statements to "Al Arabiya".

He disclosed that the number of real estate developers has reached 1,400 local developers of various sizes and real estate sectors, noting that the ministry is currently working to find developers from several countries around the world to share their ideas and create diverse environments and different complexes to diversify the options available for Saudis and non-Saudis.

He mentioned that Saudi Arabia has a high percentage of youth, which ensures continued demand growth for years to come.

Speaking about the Cityscape exhibition scheduled to take place next November, he said: "Cityscape is a meeting point for many real estate developers, investment funds, financing entities, and many related sectors such as the engineering and supervisory sector and other sectors."

* Real estate updates in Riyadh:

- Largest price increase

- Stimulating real estate developers

- Demand growth expectations for years

- Finding international real estate developers