New real estate measures to support household spending, private sector: Minister

Minister of Economy and Planning, Faisal Al-Ibrahim, said Crown Prince Mohammed bin Salman’s new directives aim to provide quick and effective solutions to address challenges in the real estate sector, enhancing citizens’ quality of life and supporting private sector growth.

The new decisions contribute to supporting families through improving their quality of life and providing adequate and affordable housing, Al-Ibrahim told Al-Arabiya TV.

He added that the step aims to stabilize household spending, allowing more spending on other sectors, thereby fostering economic growth, creating new job opportunities, and raising income and living standards.

Al-Ibrahim emphasized that cost control is a fundamental element in supporting the private sector, especially small and medium enterprises (SMEs) and entrepreneurs.

Clear and predictable costs enable businesses to plan and grow more efficiently, positioning them as a strong economic driver in the future.

He added that all new policies and regulations will be announced according to a well-planned timeline, stressing that future measures will be closely monitored.

Relevant authorities and the public will be involved to ensure the best economic and social outcomes, contributing to the realization of the Kingdom’s ambitious vision.

Last week, Crown Prince Mohammed bin Salman directed the implementation of several measures to balance the real estate market in Riyadh amid higher land prices and rentals, according to Argaam data.