Saudi Arabia pumps SAR 1.8 bln white land fees in housing projects, says Al-Hogail
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A total of SAR 1.8 billion white land fees was injected into housing projects, Saudi Arabia’s Minister of Housing, Majed Al-Hogail, told Al-Ekhbariya TV in an interview.
Al-Hogail said that the white land fees program motivated owners to pump more investments in real estate development, affirming that 400 million square meters (sqm) of white lands have been invoiced in 4 cities across the Kingdom.
“The ministry is focusing on stimulating supply in the housing market,” he added.
Moreover, an average between 350,000 and 400,000 housing units join the market annually, whether for ownership or rent.
As for the lease program, Al-Hogail pointed out that 400,000 lease contracts were documented, encouraging the regulation of the relationship between the tenant and the lessor.