Real estate sector contributes 12.8% of Saudi non-oil GDP in Q1 2023: REGA

The real estate sector's contribution to the Saudi non-oil GDP reached 12.8% in the first quarter of 2023, according to the Real Estate General Authority (REGA).

Spokesman of the REGA, Tayseer Al-Mufarrej, said that the Kingdom's real estate sector witnessed an exceptional period last year as the legislation system began to be completed with the issuance of the real estate in-kind registration law, which came into force in Riyadh last May, as well as real estate brokerage and real estate contributions laws.

In addition, Al-Mufarrej confirmed, in an interview with CNBC Arabia, that the real estate sector drives investment in the Kingdom thanks to its impact on about 120 industries.

source : Arqaam