Saudi Household Homeownership Soars To 63.74%, Surpassing Vision 2030 Goals

The Housing Program, a significant part of Saudi Arabia's Vision 2030, has published its 2023 annual report titled "We Empower You to Own Your Home: A Journey of Empowerment and Building." This report highlights performance metrics, strategic goals, economic contributions, support for non-oil GDP, and achievements aligned with Vision 2030.

By the end of 2023, the percentage of Saudi households owning a home reached 63.74%, an increase of 16.7 percentage points since 2016. This surpassed the target of 63% set for 2023. Over 96,000 eligible families received housing support in 2023, with more than 20,000 families benefiting from developmental housing tracks.

The program's strategic objectives include improving housing affordability and enabling Saudi families to own suitable homes. In 2023, over 26,000 contracts were signed for the Ministry of Municipal and Rural Affairs and Housing's land product, including 11,000 in the fourth quarter alone.

The report also documented the completion of over 800 plans and issuance of more than 3,000 building permits. Additionally, it provided over 10,000 housing units for developmental housing beneficiaries and signed nearly 11,000 contracts for off-plan sales products.

The report outlined various facilities and services such as real estate consultants, real estate transfer tax certificates issuance, financing institutions' price displays, electronic land contract issuance, engineering design services, electronic financing options, and immediate registration and eligibility.

It also reviewed the housing strategy considering accelerated ownership rates as a success indicator. The strategy took into account global economic changes affecting the real estate market and the Kingdom's financial situation impacting citizens' purchasing power.

Initiatives and Development Projects

The program launched initiatives that supported the Saudi housing market's needs by providing job opportunities and attracting developers to offer housing solutions across different regions. These initiatives expanded options for citizens wishing to own homes by offering various suitable products and facilitating easy mortgage financing with terms suitable for different segments.

The latest figures in the report showed growth in the housing sector by diversifying products and facilitating services to enable Saudi families to own their first home. The program exceeded its targets announced last year.

Empowering Families

The Housing Program aims to empower Saudi families to own suitable homes easily through various housing and financing options. It seeks to reduce waiting lists and provide suitable housing opportunities for different societal segments across the Kingdom.

The full report can be accessed at Vision 2030 website.

With inputs from SPA