The businesswoman and real estate consultant Al-Jawhara Al-Qubaisi expected that the Saudi real estate sector would witness a healthy correction and significant growth during the year 2021, after the recession that it recently suffered from in response to recent public and private sector initiatives, especially the Ministry of Housing initiatives to strengthen this sector, in addition to the laws issued by the Saudi government. Which will have a very positive impact on the real estate sector in the Kingdom.
Al Qubaisi explained that the economic indicators that appeared in 2020 are reassuring and give promising connotations, expressing optimism that the next will be better for the real estate sector, especially with the increase in government spending on mega infrastructure projects and mega projects, and the Saudi market joining the emerging markets index, which will attract investment funds and banks. Global billions of dollars in the next stage, which will positively affect the Kingdom’s economy.
She emphasized that the real estate sector is vital and important, describing it as the largest sector in the Kingdom, and one of the largest markets in the Arab region, and it is one of the aspects that will have a positive impact on the Kingdom’s economy and achieve the goals of Vision 2030, thus contributing to achieving the leadership’s aspirations in diversifying sources of income and maximizing the sector’s contribution Real estate in GDP. And that there is a remarkable conviction and the return of investor confidence in the real estate sector during the last quarter of this year 2020, especially after the Corona pandemic, which affected various sectors.
She praised the integration between the Ministry of Housing, a number of government agencies and the General Real Estate Authority to develop the sector, organize it and improve its performance, indicating that the ministry’s plan will go properly during the coming period.
She pointed out that the current trend in real estate investment is to return to old neighborhoods, by virtue of their location and proximity to all vital facilities and easy access to them, especially in light of the distance spacing in the capital Riyadh and traffic congestion, as well as the trend to invest in small lands that do not exceed 800,000 riyals due to the tax. She pointed out that the trend to invest in the north and east of the capital, Riyadh, is the first option for investment, as the purchase of small villas has increased, and there is a tendency for apartments to buy and buy them significantly compared to the past two years. And there will be an increase in the demand for buying apartments by more than 15% during the beginning of the year 2021 in the capital Riyadh and the cities of Jeddah and Dammam.
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