Saudi Arabia to Unveil World’s First Coding Standards to Digitize Property Ownership: Al-Hogail
Saudi Arabia’s Minister of Municipalities and Housing, Majed Al-Hogail, stated that Cityscape Global has become a testament to the Kingdom’s bold strides in real estate advancement, according to Al-Arabiya.
During his speech at the Cityscape Global 2025, Al-Hogail noted that the Kingdom is shaping an advanced urban future based on innovation, efficiency, and sustainability.
Riyadh is currently hosting Cityscape Global 2025, bringing together global developers, institutional investors, and asset managers from around the world.
Global Coding Standards
The minister also revealed that the Kingdom plans to launch the world’s first global coding standards to digitize real estate ownership. In the light of this, he highlighted that Saudi cities need to establish more than 1.5 million housing units by 2030.
In a significant milestone for the Saudi real estate sector, the minister unveiled that inaugural title deed coding process has already been completed and successfully traded between the National Housing Company (NHC) and investors, under the oversight of the General Authority for Real Estate.
Remarkable Growth
Notably, real estate, construction, and development activities recorded 13.8% of Saudi Arabia’s GDP by the end of the second quarter of this year. Al-Hogail anticipated that the first two days of the Cityscape Global exhibition will witness the signing of several agreements and deals exceeding 161 billion riyals.
He noted that 46% of the projected housing demand in Saudi Arabia’s major cities through 2030 is concentrated in Riyadh alone.
Real Estate Market
Meanwhile, the minister highlighted that construction activities account for 15.5% of jobs in the Kingdom.
To further accelerate the development of real estate industry, the Kingdom has introduced three key indicators to monitor the real estate market, as follows:
- Inflation
- Rental rates
- Vacancy rates
Homeownership
Al-Hogail also said that more than 65% of Saudis owned their homes by the end of 2024, explaining that the reforms to the foreign ownership system have successfully boosted confidence in the Kingdom’s real estate market. Meanwhile, foreign investment represented 15% of total sector inflows during the same period.
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