Saudi crown prince moves to cool Riyadh’s property market

Saudi crown prince moves to cool Riyadh’s property market

The Saudi government has taken notice of sky-high property prices in Riyadh. Crown Prince Mohammed bin Salman has ordered new measures to rebalance the capital’s real estate sector, launching Tawazon, a platform for Saudis who are married or over the age of 25 to apply for residential land. The initiative comes as soaring prices are squeezing locals out of ownership. The value of residential sales surged to 165 billion Saudi riyals ($44 billion)…