The Saudi government has prioritized the real estate sector by enacting over 18 legislative measures aimed at fostering growth and boosting the country’s gross domestic product (GDP).
This focus was emphasized during the second edition of the Saudi Exhibition for Real Estate Development and Ownership (SEREDO), recently held in Jeddah. The event aimed to increase awareness of the real estate sector, explore development opportunities, and highlight investment potential.
According to Tayseer bin Mohammed Al-Mufarrij, spokesperson for the Real Estate General Authority (REGA), these 18 pieces of legislation include real estate regulations, executive guidelines, and oversight rules, reflecting the government’s commitment to strengthening the sector as part of Vision 2030.
Al-Mufarrij also pointed out that the real estate sector contributed 5.9 percent to the Kingdom’s GDP in the fourth quarter of 2023. Additionally, the sector made up 12.1 percent of Saudi Arabia’s non-oil activities, as reported by the Saudi Press Agency.
During the exhibition, Abdullah bin Saud Al-Duhaim, general supervisor for property development at REGA, provided insights into the new regulations governing the sale and lease of off-plan real estate projects, along with their recently approved executive frameworks.
In a workshop held alongside the event, Al-Duhaim and other officials detailed the procedures for obtaining qualifications and licenses for real estate development, as well as the registration requirements for developers. The officials also stressed the importance of adhering to the established regulations to ensure high-quality services, enhance transparency, and protect stakeholder rights.
REGA’s involvement in SEREDO 2024 underscores its mission to promote awareness, explore development opportunities, and facilitate knowledge exchange among industry professionals. The authority also seeks to engage the community in addressing challenges and developing innovative solutions, with the aim of making the sector adaptable and resilient, in line with Vision 2030 goals.
Saudi Arabia’s real estate sector is one of the fastest-growing in the Middle East, with a market size of approximately $69.51 billion in 2024. It is projected to grow to $101.62 billion by 2029, achieving an 8 percent compound annual growth rate.
