The Saudi Real Estate General Authority (REGA) expects a surge in foreign investments after allowing foreigners to invest in listed real estate stocks.

According to the CEO of REGA, Abdullah Al-Hammad, the real estate sector's contribution to the Saudi GDP reached 12%.

In his speech at the Real Estate Future Forum held in Riyadh this Monday, he added that the number of licenses for foreign real estate investments in the third quarter of 2024 reached 1,130.

Al-Hammad explained that the sector has become a destination for global investment, with increasing interest from international investors in the promising opportunities within the Saudi real estate sector and the strength of its legislation.

The CEO of REGA stated that the future of the real estate sector is not only in its properties but in its capabilities. The vitality of the Saudi real estate sector is embodied in its legislative environment and its young workforce, which is driving it towards the future. Today, 43% of those working in the Saudi real estate sector are between the ages of 18 and 34, highlighting the real estate sector as one of the most important and attractive sectors for young people.

He added that the Saudi real estate sector achieved the highest participation rate in the labor market among economic sectors, with 25% of subscribers in the social insurance system, according to the registration statistics for the third quarter of 2024.