Real estate plays a significant role in driving non-oil revenue in Saudi Arabia against a backdrop of economic reform, Invest-Gate reports.

The real estate sector is witnessing an expansion in terms of the number of projects, Restatex Cityscape Riyadh’s website quoted Rani Majzoub, head of real estate at KPMG, as saying.

“The private sector is currently planning to develop the white lands available within the urban boundaries,” Majzoub noted.

He added that boosting the supply of residential units will contribute to achieving one of the important objectives of Vision 2030, which is increasing home ownership by Saudi nationals from 47% to 52% by 2020.

The Saudi government, according to Majzoub, is increasing the level of confidence in the sector by launching new initiatives to protect the rights of stakeholders in the supply chain, in addition to introducing new real estate investment vehicles such as Real Estate Investment Trusts (REITs).