Saudi Minister of Municipal, Rural Affairs and Housing Majed Al Hogail said that Crown Prince Mohammed bin Salman ordered allocating the residential sector with 100 million square meters (sqm) of land in Riyadh and other cities, where land and real estate prices are rising.
Al Hogail revealed that about 1.5 million Saudi families have benefited from housing subsidies during the past four years.
Moreover, the minister affirmed that the rate of ownership among Saudis has reached about 60% since the launch of the housing program until 2020. This means that the Kingdom’s Vision 2030 goal of having 70% Saudi ownership of homes is almost achieved.
In a Monday press conference, Al Hogail said that real estate financing recorded significant leaps, providing more than 300,000 annual mortgage loans since the launch of Vision 2030.
The Kingdom is exerting efforts to ensure a sustainable housing environment that aligns with four key axes that include financing, supply support, legislation development, and services.
The Public Investment Fund’s (PIF) wholly owned Saudi Real Estate Refinance Co. (SRC) supported market liquidity by purchasing portfolios of over SAR25 billion ($6.6 billion) in the last two years.
“By the end of this year, we aim to buy additional portfolios worth SAR45 billion ($12 billion) to inject liquidity into the financing sector, and ensure products of up to 25-year term to facilitate loans for nationals,” Al Hogail added.
The housing program targets providing 365,000 homes until 2025 to fulfill the applications in the program, the minister affirmed.
The ministry aims to find solutions for all income brackets, including the neediest families. The Joodeskan platform served 8,000 households through offering units and supporting rents. Total contributions on the platform surpassed SAR 1 billion ($266 million) in 2022.
