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

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 compared to other cities experiencing more moderate growth. As a result, several recent decisions have been made to diversify available housing options. He noted that the Ministry is actively working to stimulate development, real estate financing, and related sectors.

Al-Hogail revealed that the number of local real estate developers has reached 1,400, varying in size and specialization. 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 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.