Majed Al-Hogail,Saudi Arabia’s Minister of Municipalities and Housing
Saudi Arabia’s Minister of Municipalities and Housing, Majed Al-Hogail, said Riyadh city is currently witnessing real estate prices that are more compatible with buyers’ capabilities, expressing hopes that such alignment will become even greater. 
Speaking to Al Arabiya Business, the minister stated that the regulations announced under the directives of Crown Prince Mohammed bin Salman have been very effective, and that their impact is evident in the city of Riyadh, whether in land values, rental values, or housing unit prices.
“It is important for the regulations to be accompanied by an increase in supply, because the shortage of supply relative to demand is the root of the fundamental problem that must be addressed in order for the market to return to its natural state,” Al-Hogail said.
He pointed out that injecting housing units into the market on a large scale means that there is alignment with the size of demand, and this will support the regulations.
The minister further explained that, at the beginning of the Housing Program, there was a plan to build 600,000 housing units by 2030. “Nearly 300,000 housing units have been awarded by 2025. The target for the current year is 65,000 housing units, and 85,000 housing units for the coming year, followed by 60,000 housing units annually until reaching the target of 600,000 housing units,” he continued.
Al-Hogail also noted that this large volume of housing units will be concentrated primarily in six major cities that account for more than 70% of the Kingdom’s population, in order to ensure that the increasing volume of demand is met.
Moreover, the homeownership rate among households was achieved faster than targeted, reaching 66.2% by the end of 2025, compared with the target of 65%, which indicates that the Housing Program within the framework of Vision 2030 is proceeding according to plan, he added.
“Our visit to China included the signing of agreements, including those related to supply chains and ensuring the availability of materials at the large sites on which the National Housing Company is working alongside local developers,” said the minister, “This will facilitate the continuous and regular availability of construction materials. Faster access will also contribute to reducing transportation from factories to project locations, in addition to the localizing of construction and building products.”
The production capacity of Chinese and Saudi contractors continues to expand through modern construction technologies, which contribute to significantly reducing the time required to build projects compared with the past, according to the minister.
He said that this approach aims to ensure the continuous injection of housing units in line with growing demand and to prevent the emergence of a gap in the market.
Majed Al-Hogail,Saudi Arabia’s Minister of Municipalities and Housing
Saudi Arabia’s Minister of Municipalities and Housing, Majed Al-Hogail, said Riyadh city is currently witnessing real estate prices that are more compatible with buyers’ capabilities, expressing hopes that such alignment will become even greater.
Speaking to Al Arabiya Business, the minister stated that the regulations announced under the directives of Crown Prince Mohammed bin Salman have been very effective, and that their impact is evident in the city of Riyadh, whether in land values, rental values, or housing unit prices.
“It is important for the regulations to be accompanied by an increase in supply, because the shortage of supply relative to demand is the root of the fundamental problem that must be addressed in order for the market to return to its natural state,” Al-Hogail said.
He pointed out that injecting housing units into the market on a large scale means that there is alignment with the size of demand, and this will support the regulations.
The minister further explained that, at the beginning of the Housing Program, there was a plan to build 600,000 housing units by 2030. “Nearly 300,000 housing units have been awarded by 2025. The target for the current year is 65,000 housing units, and 85,000 housing units for the coming year, followed by 60,000 housing units annually until reaching the target of 600,000 housing units,” he continued.
Al-Hogail also noted that this large volume of housing units will be concentrated primarily in six major cities that account for more than 70% of the Kingdom’s population, in order to ensure that the increasing volume of demand is met.
Moreover, the homeownership rate among households was achieved faster than targeted, reaching 66.2% by the end of 2025, compared with the target of 65%, which indicates that the Housing Program within the framework of Vision 2030 is proceeding according to plan, he added.
“Our visit to China included the signing of agreements, including those related to supply chains and ensuring the availability of materials at the large sites on which the National Housing Company is working alongside local developers,” said the minister, “This will facilitate the continuous and regular availability of construction materials. Faster access will also contribute to reducing transportation from factories to project locations, in addition to the localizing of construction and building products.”
The production capacity of Chinese and Saudi contractors continues to expand through modern construction technologies, which contribute to significantly reducing the time required to build projects compared with the past, according to the minister.
He said that this approach aims to ensure the continuous injection of housing units in line with growing demand and to prevent the emergence of a gap in the market.
