The Saudi Real Estate Authority has issued new licenses for marketing and selling off-plan residential and commercial projects by local, regional, and international developers, Invest-Gate reports.

Since the system’s implementation in April until mid-May, the Saudi Real Estate Authority has approved licenses for many off-plan real estate products. These projects span various regions of Saudi Arabia, covering a vast area of 2.8 million sqm and are estimated to be worth around SAR6 bn, indicating the sector’s robust growth.

According to the feasibility studies submitted for the licensed projects, the first project is expected to be delivered in the last quarter of 2025, with all mentioned projects scheduled for completion by the end of 2028.

Over the past 15 years, more than 390 projects have been licensed for off-plan sales, comprising over 241,000 residential units covering nearly 1.7 billion sqm, with a market value exceeding SAR352 bn.

This reflects the development of the real estate sector in the Kingdom, which is experiencing increasing competitiveness in offering innovative and modern real estate products and suburban developments that cater to the diverse needs of Saudi families.

Notably, the Authority emphasized that the real estate sector is a fertile ground for attracting investments worldwide.