CEO of the Real Estate General Authority (REGA), Abdullah Alhammad, has acknowledged that the demand for real estate in Saudi Arabia exceeds the supply, resulting in high real estate prices in the country. Speaking on Rotana Khalejia Television's Al-Liwan program, Alhammad also confirmed that foreigners would soon be allowed to own real estate in the country.

According to Alhammad, high real estate prices have had negative impacts on the real estate sector in Saudi Arabia. He added that the market is open and subject to supply and demand, and the government is working to balance the demand to achieve economic equilibrium for the real estate sector.

Alhammad noted that a large percentage of those seeking to buy real estate in the country do not have the financial means to do so, as property prices are higher than their purchasing power. This has not only affected potential homeowners but also investors, as the high land prices have made transactions more difficult.

The new law for foreign ownership of real estate in Saudi Arabia is in its final stages and will be made public soon, according to Alhammad. He stated that the new law would be more comprehensive than the current law, allowing foreigners to own commercial, residential, and agricultural properties throughout the Kingdom, including in Makkah and Madinah.

Alhammad stated that measures have been taken to prevent negative impacts of foreign ownership and solutions have been developed for all problems and unacceptable practices.

Regarding the implementation of fees on white lands, Alhammad said that the Ministry of Municipal and Rural Affairs has been working on proposals to increase or improve the efficiency of fees by a further 10%.