Saudi Crown Prince Mohammed bin Salman has directed a series of transformative measures aimed at stabilising the real estate market in Riyadh, due to the significant rise in land prices and rental costs in the capital. The move follows an in-depth study conducted by the Royal Commission for Riyadh City (RCRC) and the Council of Economic and Development Affairs, which assessed the challenges facing the city’s housing market. As part of such measures, the Crown Prince has ordered lifting restrictions on land transactions and development in two key northern areas of Riyadh. These areas, covering a total of 33.2 square kilometers, will now allow the sale, purchase, division, and subdivision of land, as well as the issuance of building permits. The first area covers 17 square kilometers, bordered by King Khalid Road to the west and Prince Saud bin Abdullah bin Jalawi Road to the south. The second area covers 16.2 square kilometers north of King Salman Road, extending to Abu Bakr Al Siddiq Road and Al Qayrawan District. This initiative aims to address the escalating housing crisis in Riyadh, with the total land now made available for development reaching 81.48 square kilometers, including previously lifted restrictions on 48.28 square […]