Al-Marsad newspaper: Abdul Hamid Al-Omari, a member of the Saudi Economic Association, responded to the accusation leveled once morest the association’s employees regarding selling illusions to people by preaching low real estate prices without that happening.
Al-Omari said during an interview with the “Yahla” program broadcast on the Gulf Rotana channel: “We are talking regarding the decline and the rise and the market, whether it is a stock market or real estate, and we find there are indications of the decline and it is already happening.
And he added, for example, in 2016 and 2017, there was a decline and in 2018 there was a very strong decline and recession, then the market rebounded at the beginning of 2019, and there were many statements that pumping loans, in this way, without addressing the distortions we have on the supply side, will lead to higher prices.
He continued, “Today, we are entering a new scene where all real estate will be known to be owned, and this will benefit the markets by injecting a huge amount of information into the market and making it in front of the decision maker, investor and consumer.”
He added, the most important point is the programs that the state has started to enter to support the weakest party in the market, which is the real estate developer, noting that those who control the market are the landowners.
He indicated that there should be more activation of the land fee instrument.