Saudi Minister of Municipalities and Housing Majid Al Hogail discussed developments in the Kingdom’s real estate market.
Minister of Municipalities and Housing Majid Al Hogail said the Real Estate Balance Program (Tawazoun) is progressing as planned, noting that the real estate market is no longer driven by speculation but by developers, aligning with the primary objective of the program. 
In an interview with Al Arabiya TV, Al Hogail said Riyadh’s real estate market is no longer a speculative market. Price stability and corrections are being recorded in peripheral areas with lower service coverage, while prices in fully serviced urban centers are returning to healthier, more sustainable levels, according to the minister.
He said the main goal of the White Land Fees Program is to stimulate development and expand local land supply, rather than collect revenues.
Al Hogail said development license applications have been submitted for more than 27 million square meters of land, which will help boost residential supply in the coming period.
Increasing supply is the most important factor in creating balance in the real estate market, whether by increasing the number of residential units or diversifying real estate products, Al Hogail confirmed, noting that achieving such balance remains key to fulfilling the above programs.
According to data compiled by Argaam, Crown Prince Mohammed bin Salman ordered in March 2025 a number of measures to be taken in Riyadh’s real estate sector, including lifting restrictions on property sales, purchases, subdivision, and partitioning, as well as issuing building permits and masterplan approvals in designated areas.
The directives also mandated providing citizens with between 10,000 and 40,000 planned and developed residential plots annually over five years at capped prices not exceeding SAR 1,500 per square meter, alongside regulatory oversight on rent dynamics and market pricing in Riyadh.
Saudi Minister of Municipalities and Housing Majid Al Hogail discussed developments in the Kingdom’s real estate market.
Minister of Municipalities and Housing Majid Al Hogail said the Real Estate Balance Program (Tawazoun) is progressing as planned, noting that the real estate market is no longer driven by speculation but by developers, aligning with the primary objective of the program.
In an interview with Al Arabiya TV, Al Hogail said Riyadh’s real estate market is no longer a speculative market. Price stability and corrections are being recorded in peripheral areas with lower service coverage, while prices in fully serviced urban centers are returning to healthier, more sustainable levels, according to the minister.
He said the main goal of the White Land Fees Program is to stimulate development and expand local land supply, rather than collect revenues.
Al Hogail said development license applications have been submitted for more than 27 million square meters of land, which will help boost residential supply in the coming period.
Increasing supply is the most important factor in creating balance in the real estate market, whether by increasing the number of residential units or diversifying real estate products, Al Hogail confirmed, noting that achieving such balance remains key to fulfilling the above programs.
According to data compiled by Argaam, Crown Prince Mohammed bin Salman ordered in March 2025 a number of measures to be taken in Riyadh’s real estate sector, including lifting restrictions on property sales, purchases, subdivision, and partitioning, as well as issuing building permits and masterplan approvals in designated areas.
The directives also mandated providing citizens with between 10,000 and 40,000 planned and developed residential plots annually over five years at capped prices not exceeding SAR 1,500 per square meter, alongside regulatory oversight on rent dynamics and market pricing in Riyadh.
