While the year 2016 came with certain ups and downs for the Saudi Arabia real estate market, it ended up with a souvenir for the country people. The fourth Arab Housing Conference that just took place in Riyadh addressed to many important issues related to the housing sector. The experts attending the conference focused on the Saudi Vision 2030 that emphasized the importance of “a roof for all”. It was organized by the Ministry of Housing and the Arab League Council of the housing Ministers. It involved a number of officials from both the public and private sector to discuss their issues including housing experts from the country and outside, urban development specialists and real estate professionals from both the sectors.
The experts have recommended building urban communities rather than constructing housing complexes so as to establish the required infrastructure for achieving successful public-private partnership in the housing sector. The private sector has been privileged with support for developing and financing housing projects to make more homes available for sale in relationship with the private and government sectors to enhance the lucidity.
The conference was devoted to stress upon the importance of developing cooperative housing sector in the country for raising ownership rates among the local citizens. With the long term vision of providing home for sale for all the citizens including low income people, widows, divorcees and orphans, the government is ready to offer full support to the sector.
Besides, certain significant decisions were taken during the conference such as passing of mortgage law pertaining to taking mortgages from the real estate bank establishments for investing it into government establishments. The main aim of the conference was to eliminate all the barriers that came in the path of establishing cordial correlation between the public and private sector; secondly, making available home for sale to all the people of the society.
The projects being jointly executed by the public and private sectors would be under continuous evaluation for policy updating as per the varying economic and social conditions of Saudi Arabia.