‎Real estate sector contributes 12.8% of non-oil GDP in Q1 2023: REGA spokesman

‎Real estate sector contributes 12.8% of non-oil GDP in Q1 2023: REGA spokesman

Real Estate General Authority's (REGA) spokesman Tayseer Al-Mufarrej said that the real estate sector contributed about 12.8% of the Kingdom's non-oil GDP in the first quarter of 2023.

The Kingdom's real estate sector witnessed an exceptional period last year, said the official, indicating that the legislations system began to be completed with the issuance of the real estate in-kind registration law and its implementation in Riyadh last May, then the real estate brokerage law that entered into force recently, and the real estate contributions law that was approved by the Cabinet this month.

He also confirmed, in an interview with CNBC Arabia, that the real estate sector drives investment in the Kingdom, thanks to its impact on about 120 industries.