Engineer Abdullah bin Saud Al-Hammad, Chief Executive Officer of the Real Estate General Authority (REGA), affirmed that the unwavering support from the Kingdom’s leadership for the real estate sector has significantly contributed to improving market efficiency, regulating and governing the sector through real estate legislation. These efforts have enhanced the sector’s effectiveness, positioning it as a key contributor to the gross domestic product (GDP). According to statistics from the second quarter of the current year, the real estate sector contributed 6.1% to GDP and 12.7% to non-oil activities.
Speaking at the Eastern Restatex Real Estate Exhibition 2023, Al-Hammad stated that the Eastern Region has witnessed growth in various real estate indicators. From the beginning of the year until the end of the third quarter, the volume of real estate operations in the region reached approximately (SAR 36 billion), with around (28,000) real estate transactions—an increase of over 5% compared to the same period last year. Of these, (45%) were commercial properties and (39%) residential properties. The region also recorded the licensing of more than (3,785) real estate brokers, including establishments and individuals, under real estate brokerage activity. He further noted that the number of licensed projects under the off-plan sale and lease system (WAFI) has exceeded (120) projects to date, representing a total of (32,000) real estate units.
At the level of the rental sector, the number of lease contracts documented in the Eastern Region surpassed (1.2 million), accounting for (16%) of the lease contracts documented across cities in the Kingdom. Al-Hammad added that more than (1,200) real estate entities in the region have been approved within owners' association unions. Regarding subdivided properties, the Eastern Region ranked among the top three regions in the Kingdom, with approximately (40,000) subdivided units. He attributed this remarkable growth in the region’s real estate activities to its attractiveness as an investment destination, supported by its advantages in tourism, commerce, and residential development.