Riyadh needs 130,000 residential units annually: Al-Hogail

Majed Al-Hogail, Minister of Municipal and Rural Affairs and Housing

Majed Al-Hogail, Minister of Municipal and Rural Affairs and Housing, stated that Riyadh requires between 120,000 and 130,000 residential units annually to meet rising demand.

In an interview with Al Arabiya TV, the minister explained that Riyadh has seen the highest increase in real estate prices, in contrast to other cities that have experienced more moderate growth. This has led to a number of recent measures to increase the variety of available housing options. The Ministry is actively working to promote development, finance for real estate, and related sectors, he said.

Al-Hogail revealed that there are about 1,400 local real estate developers, ranging in size and area of expertise. He added that the Ministry is currently seeking to attract developers from various countries around the world to bring in new ideas and create diverse communities and residential environments, further expanding choices for both Saudis and non-Saudis.

He emphasized that Saudi Arabia’s large young population ensures sustained housing demand in the years ahead.

Regarding the upcoming Cityscape exhibition scheduled for November, Al-Hogail described it as a key platform that brings together real estate developers, investment funds, financing institutions, and a wide range of related sectors, including engineering and supervision services.

According to data from Argaam, Crown Prince Mohammed bin Salman issued directives in March to implement measures aimed at achieving balance in Riyadh’s real estate sector.