Home Rent in Kingdom of Saudi Arabia to be decreased

Home Rents in Saudi Arabia is expected to come down and people living in Saudi Arabia can save some money. Because, the Housing Ministry of Saudi Arabia is in planning to construct and finance around 2,80,000 homes.

They will also form an authority known as General Real Estate Authority. With the planning of these two movements in the kingdom it will bring down rent.

Also, General Real Estate Authority will take care of real estate market pricing along with following things:

– Providing investment in Housing Units
– Setting Conflits related to Real-estate in Saudi Arabia
– Control resal-estate market prices
– Enhance and ensure fair competition for individuals & investors

According to Saudi Gazette; Housing Minister Majed Bin Abdullah Al-Hoqail said 120,000 housing units will be constructed and distributed in phases with private sector support in three years, beginning this year.

Government will be investing 120 Billion Saudi Riyals for this initiation and hope this will bring some good news with low rent and accommodation for Expatriates.