Cabinet highlights steps to boost housing supply, ensure real estate balance

A Cabinet session

Saudi Arabia’s Cabinet commended the continued implementation of measures aimed at strengthening housing supply and achieving real estate balance across various regions of the Kingdom, during its session held today, Oct. 21, in Riyadh, chaired by Crown Prince Mohammed bin Salman.

The Cabinet emphasized that these efforts support the Kingdom’s development journey, provide citizens with diverse housing options, and attract investors and real estate companies to the Saudi market, the Saudi Press Agency (SPA) reported.

During the meeting, the Cabinet also reviewed development program plans across several government entities, particularly those related to national development projects and initiatives designed to enhance service quality and productivity, optimize resources and capabilities, and advance toward a prosperous and sustainable future.

The Cabinet further highlighted the launch of the King Salman Gate Project, a landmark initiative to develop the infrastructure of Makkah’s central area.

The project aims to transform the district into a world-class urban model and a key contributor to providing high-quality services for visitors to the Grand Mosque, in line with the objectives of the Guests of Allah Service Program.

According to data available with Argaam data, the Cabinet recently approved regulatory provisions governing the relationship between landlords and tenants.

These provisions include suspending annual rent increases for both residential and commercial lease contracts—existing and new—in Riyadh for a period of five years.

This decision follows an earlier directive by the Crown Prince, issued in March, to implement several measures aimed at achieving balance in the real estate sector, amid the rise in land and rental prices in Riyadh over recent years.