Saudi Arabia’s housing sector recorded significant achievements last year, with homeownership rates and lending volumes exceeding national targets under the Housing Program, a key initiative of Vision 2030.
According to the latest report, the share of Saudi families owning homes reached 65.4 percent, surpassing the 2024 target of 64 percent, while total residential lending climbed above SAR 859 billion ($229 billion) by year’s end.
Launched as one of Vision 2030’s flagship programs, the Housing Program aims to build a vibrant society by improving quality of life and ensuring families have access to sustainable and suitable housing.
Through diversified ownership options, regulatory reforms, and financing initiatives, the program seeks to balance citizens’ needs with market supply while supporting long-term social and economic development.
The report highlighted that more than 850,000 residential product contracts have been signed since the program’s inception. It also noted that eight performance indicators met or exceeded annual targets, while 54 of 67 initiatives have been completed, with another 13 on track.
The homeownership indicator has consistently outperformed projections. Vision 2030 initially targeted a five-point increase by 2020, aiming for 60 percent, which was achieved ahead of schedule.
The government subsequently raised the 2030 target to 70 percent. By 2023, ownership had already reached 64.4 percent, beating the targets for both 2024 and 2025. Officials caution, however, that continued progress will depend on market conditions and real estate dynamics.
The program has also focused on social housing initiatives. A total of 759,000 subsidized mortgages have been extended to low-income households, surpassing the mid-2024 target of 683,000. Private and third-sector contributions to housing initiatives rose to 2.2 billion riyals last year, above the SAR 1.7 billion target, underscoring the importance of public-private collaboration.
The surge in housing finance reflects the maturity of the real estate market. Lending volumes consistently exceeded quarterly projections, rising from SAR 758 billion in Q1 to 803 billion in Q2, 834 billion in Q3, and closing at 859 billion riyals by year’s end.
Officials say these gains have attracted new investment, supported economic growth, and strengthened social cohesion. The Housing Program continues to encourage modern construction technologies, expand private sector involvement, and introduce flexible financing solutions. By fostering a transparent, stable real estate environment, Saudi Arabia aims to sustain growth, boost local content, and further attract investment, while advancing its Vision 2030 housing objectives.
