Riyadh Chamber holds workshop on challenges facing real estate
The workshop looked into regulations; competition in the public and private sector; fees and taxes; and localisation of cadres
Saudi Arabia’s Riyadh Chamber, represented by the Real Estate Committee, in cooperation with the Council of Saudi Chambers, has organised a workshop to list the challenges facing the kingdom’s real estate sector and limiting its productivity.
The workshop – which was held in the presence of representatives from the Ministry of Housing, the Real Estate Authority and the Capital Market Authority (CMA) – also focused on ideating and providing solutions to the obstacles facing the sector.
The workshop covered four axes, including policies and regulations related to legislation; competition between the public and private sectors; government fees and taxes; and human cadres and localisation policies.
The attendees highlighted that legislations and regulations need to be more flexible, keeping pace with the real estate situation. Representatives of the Ministry of Housing indicated that the ministry is reviewing real estate legislation and its relationship to other systems, stressing its need for amendment.
The ministry added that it is working on these issues and will soon send a complete guide to developers, according to the state-run Saudi Press Agency.
A number of real estate investors also participated in the workshop. In the axis of government fees, the business sector demanded consideration of the high fees.
The chairman of the Chamber's Real Estate Committee, Ayed Al-Wabri, said that the workshop was in line with the kingdom's Vision 2030 programmes.