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Implementing 2030 vision entitles cooperation between developers and landlords

Saudi Arabia - May 5, 2016
Saudi vision 2030

A number of top officials in Saudi major financial and real estate entities have discussed during Euromoney Conference, which ended yesterday, the main real estate subjects in KSA. The discussion subjects included properties appraisal systems, demand rate study systems, and the effect of economic circumstances on real estate sector. The conference shed the lights on foreign investments role in the kingdom.

Osama Siraj, development director at Kayan Group said that about one million people will need houses in the coming 15 years which entitles a partnership between real estate developers and the government to achieve this goal. He added that the current prices seem suitable for only 25% of demanders which means that alternative funding services should be provided.

Badr Al Hammad, the chairman of Maceen Capital, said that 2030 vision has a number defined goals, achieving these goals entitles a total cooperation between real estate developers and landlords. He said that financial institutions and companies should offer the needed mortgages with rational returns while developers should display their units in the market with logical prices in order to make them attainable for Saudi citizens.

Al Hammad described the current situation as a real challenge saying that the private sector will be capable of implementing 2030 vision if the needed procedures were issued and executed quickly.

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