Real estate are overpriced: Saudi minister

Real estate are overpriced: Saudi minister

RIYADH — Minister of Municipal, Rural Affairs and Housing Majed Al-Hogail said that there are exaggerations in the real estate prices in Saudi Arabia. He noted that the real estate market in the Kingdom needs more supply in addition to offering larger units in Riyadh, Dammam and Jeddah.

The minister made the remarks while opening the second edition of the Real Estate Future Forum in Riyadh on Monday. He said that the Saudi leadership has supported the Ministry with a large number of plots of land that will be launched soon.

Al-Hogail stressed that the real estate sector enjoys unlimited support from the wise leadership and that enables it to increase its contribution to the gross domestic product (GDP).

“The first edition of the forum focused on the topic of harmonization and integration between government agencies and the public and private real estate development system, anticipating a better future of real estate.

“The second edition of the forum features local, regional and global character, focusing on local capabilities and global ambitions,” he said.

Al-Hogail stated that the three-day forum is discussing 10 strategic topics, the most important of which is the role of the emirates, governorates, ministries and mayoralties in harmonizing the empowerment of the