The Deputy Governor of the General Authority for State Real Estate, Hamzah Al-Askar, said that the system of expropriation for public benefit is currently being studied by the relevant higher authorities, with the aim of reducing the period of property expropriation procedures to one year instead of three. He added that the real estate sector suffers from delayed removal, evaluation and payment procedures of up to 3 years. In his speech at the Future of Real Estate Conference – yesterday, he indicated that the authority is working to restore some of the necessary legislation and study some of the existing systems for the governance of the sector. For his part, the Chairman of the Chamber of Commerce – Ajlan Al-Ajlan said that the real estate sector contributes to the GDP by about 7.5%, and employs 304 thousand Saudis, noting that the Kingdom’s 2030 vision has placed the development of the sector among its main objectives to raise its contribution to 10%, and achieve growth An annual rate of 7%.
This came after he signed a bilateral cooperation agreement with the Governor of the General Real Estate Authority – Essam Al-Mubarak, on the sidelines of the Conference (Prospects and Future of the Real Estate Sector), sponsored by Housing Minister Majed Al-Hogail. The bilateral cooperation memorandum aims to raise the efficiency of human capital in the real estate sector, develop the quality of performance of small and medium enterprises, work to improve the real estate services they provide, and raise awareness and support for real estate activities in cooperation with the real estate committees. He said that the holding of the conference coincides with the launch of the comprehensive strategy for the real estate sector, which aims to develop it, increase employment opportunities and investments in real estate facilities, create an attractive competitive environment, preserve the rights of market dealers and approve contracts as executive bonds, and it is also expected to contribute to raising the efficiency of companies ’performance through benefit One of the automated services, in addition to resolving real estate disputes without referring to judicial courts, qualifying and training human cadres as well as enabling real estate entities to learn about successful international experiences.