RIYADH: Saudi Arabia has started the second phase of its Idle Lands Program in the metropolis of Makkah, Jeddah and Dammam metropolises to increase housing supply in the market, Chief Idle Lands Program Officer Abdulhamid Al Hammad told Alarabiya.
This phase, which will also expand its scope in Makkah, focuses on lands within neighborhoods of 10,000 meters or more, or 10,000 meters in total.
This was based on economic and real estate studies related to increasing the real estate supply to reduce the gap in demand, he added.
The Idle Land Program aims to increase home ownership for Saudi families to 70 percent by 2030 by developing infrastructure for housing.
The program seeks to encourage landowners to develop their properties and pump more real estate supply into the market rather than imposing fees, according to Al Hammad.
