Saudi Home Ownership Surges to 63.74 Percent in 2023
In a groundbreaking achievement, the percentage of Saudi households owning a home skyrocketed to 63.74 percent by the end of 2023, marking a significant increase of 16.7 percent compared to 2016, according to a recent report.
Progress Towards Vision 2030 Goals
The Housing Program, a key initiative of the Kingdom’s Vision 2030, unveiled that the share of Saudi families owning a housing unit had surpassed the target set for 2023, reaching 63 percent.
Path to 70 Percent Home Ownership
The annual report highlights that the Kingdom is well on its way to achieving its ambitious goal of 70 percent home ownership by 2030, showcasing substantial progress in the housing sector.
Support for Thousands of Families
Over 96,000 families received housing support through the program last year, with an additional 20,000 families benefiting from developmental housing tracks, demonstrating the program’s commitment to assisting Saudi citizens.
Contracts and Development Initiatives
The Ministry of Municipal, Rural Affairs and Housing signed over 26,000 contracts for land development, emphasizing the focus on affordable housing and enhancing home ownership opportunities in Saudi Arabia.
Strategic Housing Approach
The housing strategy outlined in the report emphasizes the success of the sector’s continuous improvement, considering global economic transformations and financial conditions to enhance citizens’ purchasing and investment capabilities.
Initiatives Driving Housing Market Growth
The program has introduced various initiatives and projects to bolster the Saudi housing market, creating job and investment prospects, and collaborating with private sector partners to address housing needs across the Kingdom.
Empowering Saudi Home Ownership
Since its launch in 2018, the housing program aims to empower Saudi citizens by offering diverse housing and financing options, reducing waiting lists, and streamlining processes to facilitate home ownership.
Transformative Impact of Vision 2030
Prior to Vision 2030, Saudi families faced lengthy waits of up to 15 years for housing support, but with improved access to financial assistance and digitalization of documentation, home ownership surged from 47 percent to over 60 percent by the end of 2022.