Saudi Arabia's Eastern Province municipality is planning a model city comprising a residential, economic and tourism center in Half Moon Bay, Al-Aziziyah district, which is expected to create up to 90,000 jobs when complete.
JLL and LaSalle Investment Management’s 2016 Global Real Estate Transparency Index (GRETI) has increased Saudi Arabia's standing to "Semi-Transparent" after recent efforts by the Chambers of Commerce in Saudi Arabia.
Saudi Arabia's housing minister Majed al-Hogail gave an interview with Bloomberg last week in which he discussed the government's plans to create its own development company and start a mortgage-guarantee fund to encourage banks to increase lending for Saudis.
A new joint venture between Saudi Arabia’s Ministry of Finance (MoF) and the Islamic Corporation for the Development of the Private Sector (ICD) has received approval to provide loans to low and middle-income Saudis, in what could be a much-needed boost for access to mortgages in the Kingdom.
Saudi Arabia's Cabinet has instructed the Council of Economic Affairs and Development, lead by Mohammed bin Salman, to impose a tax on vacant plots of land in Saudi Arabia. This could jolt the Saudi housing market.
Saudi Arabia's Housing Minister Shwaish bin Saud Dhwaihi has been relieved of his post as minister of housing, following a royal order, according to reports.
He will be replaced Essam bin Saad bin Saeed, Minister of State.