Vision for the real estate market in Saudi Arabia

Saudi Arabia's real estate sector has grown rapidly in recent years. Future projections and trends reflect the continuation and expansion of this trend in the real estate sector as a whole. We shall explore many crucial components of Saudi Arabia's future vision in the real estate market in this post. In addition, the housing program and its goals will be discussed. We will also learn about Probiotic, a technology that is the latest trend in the real estate industry.

The real estate market in Vision 2030.

Vision 2030 is a massive undertaking that will have far-reaching consequences in many parts of society. Specifically in the economic and social sectors. That real estate market perspective included a crucial component of a distinct view of the future of real estate investment. These developments will be discussed further below.

- Infrastructure development:

One of the most important advancements sought by the Kingdom in the 2030 plan is infrastructure development. As one of the most critical economic sectors to be strengthened. This growth will be accomplished through the launch of numerous real estate developments, whether residential, commercial, or even recreational.

 Enhance the quality of services and amenities. This trend will also have an impact on the private sector. This will increase investment prospects in the Kingdom.

- One of the most essential aspects and axes of the basic vision is housing. The vision is to raise the proportion of citizens who own property from 47% to 52%. Indeed, there are two major steps: increasing the supply of residential products and making housing units available to citizens through the passage of laws and resolutions that facilitate the process of home ownership, such as the White Land Law and the Saudi Arabian Monetary Authority's decision to raise the percentage of mortgages from 70% to 85% of the house's value.

- Tourism: By 2030, the Kingdom hopes to enhance pilgrim capacity between Mecca and Medina from 8 million to 30 million. In addition to the Kingdom's efforts to build the world's largest Islamic Museum in Riyadh to the highest international standards in order to provide tourists with a unique experience. These developments and goals necessitate infrastructure upgrades, as well as the establishment of several hotels and residential compounds to accommodate guests.

These innovations are critical in attracting domestic and foreign investors in the real estate market. Create a strategy for economic growth and enterprise expansion. The National Transformation Plan, on the other hand, is extremely beneficial to the Saudi citizen by increasing the share of his house ownership.

The Kingdom's housing sector.

The housing initiative was established to provide families' access to safe, affordable homes. The Kingdom facilitated the journey of the people and stimulated real estate developers. In addition to meeting citizens' needs at competitive pricing in accordance with Vision 2030.

Among the important initiatives are:

-In order to inject cash into the market, the Investment Fund established the Saudi Real Estate Refinance Company in 2017. This was done to inject liquidity into the real estate market. as well as access to long-term financial alternatives.

- Tax Reform: The Real Estate Disposal Tax Decision was published, with the goal of preventing the State's disposal tax from exceeding 1 million Saudi riyals from the purchase price of the citizen's first property.

- Down payment: The down payment for home ownership has been cut from 30% to 5% of the buying price. This, in turn, contributed significantly to the expansion of the housing sector.

- A more robust real estate leasing market: it tries to control the connection between the parties involved in the lease process. All stakeholders benefit from increased transparency and confidence.

All of these actions have resulted in improved access to finance, the availability of innovative housing products at low cost, the efficiency of housing sector operations, and the strengthening of its foundations. The second phase of this program will focus on the groups of society that are most in need of housing, as well as the private sector's participation to promote the sector's resilience and sustainability in order to prepare for any economic conditions. Housing demand is estimated to reach 153 thousand by 2030. The policies and activities of the government are advancing the housing industry and addressing critical issues. This transformation, based on a plan and a court vision, is a true success story, the outcomes of which will be revealed.  throughout the Kingdom for many years to come.

Probiotic

With the accelerated growth in the real estate sector, modern technologies are particularly attentive and dependent on them. The development of real estate technology (PROBIOTIC) contributes to a very significant shift in the method of buying and selling in real estate. It has led to very important developments to reduce costs and significantly improve the user's experience. This technology helps manage different aspects of the real estate industry from sales and delivery to facilities management and maintenance operations. That technology includes computer programming and applications for phones. In addition to sensors and VR and augmented reality technologies. Here we will show you some key trends in Probiotic Technology:

- Virtual Reality and Augmented Reality: These technologies are used to offer virtual tours of real estate. It enables them to watch it realistically through phone apps and other means. This enhances buyers' experience and urges them to buy.

- Real estate management platforms: offer a comprehensive solution to facilitate leasing, maintenance, and contract management. These platforms provide an easy-to-use interface that allows owners and administrators to access information easily and effectively. Landlords can also manage contracts, and track payments and tenants by making maintenance requests and paying rent easily. The importance of this technology lies in enhancing interaction and communication between landlords and tenants which contributes to improving customer experience and fully managing real estate.

- Real estate data analysis:

used to understand marketing trends and analyze real estate performance. This technology enables officials to make sound strategic decisions that help maximize return on investment.

- Blockchain technology: this technology is used to record transactions, document ownership, and verify real estate documents. This ensures the security and transparency of the user.

Real estate technology (PROBIOTIC) is expected to see significant growth in the Kingdom in the coming period. Vision 2030 is increasing the use of this technology for its solutions to many problems in the real estate market.