Arab News, Sun, Jul 21, 2024 | Muharram 15, 1446
Saudi home ownership rate passes 63%, closing in on Vision 2030 target
Saudi Arabia:
The percentage of Saudi households owning a home reached 63.74 percent at the
end of 2023, an increase of 16.7 percent compared to 2016, according to a new
report.
The Housing Program — one of the initiatives of
the Kingdom’s Vision 2030 — revealed the share of Saudi families owning a
housing unit had exceeded the target set for the year of 63 percent.
The findings – set out in the organization’s
annual report – confirm that the Kingdom is well on its way to meeting its goal
of 70 percent home ownership by 2030.
More than 96,000 families eligible for housing
support benefited from the program last year, and it assisted over 20,000
families through developmental housing tracks.
The program said more than 26,000 contracts were
signed by the Ministry of Municipal, Rural Affairs and Housing for land
development, including 11,000 contracts during the fourth quarter of 2023 to
develop affordable housing and improve Saudi home ownership availability.
“The program approved the completion of over 800
plans, issued more than 3,000 building permits, and provided 10,000 housing
units for developmental housing beneficiaries,” the Saudi Press Agency said,
adding that the number of contracts signed for the off-plan sales product
reached 10,904 contracts.
The report reviewed the housing strategy and said
the increase in the pace of ownership was an “indicator of success and
continuous improvement in the sector.”
The strategy also took into account
transformations in the global economy, their impact on the real estate market,
the financial conditions in the Kingdom, and their impact on the purchasing and
investment capabilities of citizens and investors in the housing sector.
The program has also launched many initiatives and
development projects to support the Saudi housing market, provided many job and
investment opportunities, and attracted developers and partners in the private
sector to help find solutions for home seekers in various regions of the
Kingdom.
The housing program, which was launched in 2018,
seeks to enable and facilitate Saudi home ownership by providing a range of
housing and financing options and reducing waiting lists for various segments of
society throughout the Kingdom.
Prior to the launch of Vision 2030, Saudi families
could wait up to 15 years to receive housing support.
“By easing access to financial support,
streamlining processes and digitizing documentation, home ownership increased
from 47 percent to more than 60 percent in the end of 2022,” the program had
previously said.