The Ministry of Housing announced that it has unveiled designs for 118 projects to provide 297,668 housing units, These projects include 169,430 developed plots of land ready for construction and 128,238 housing units, which will be built in collaboration with real estate developers on an area of 193 million square meters across all regions of the Kingdom.

The Ministry stated that 280,000 housing units have been made available, distributed among various types of housing units, developed plots of land, and mortgage loans, and the Ministry and relevant authorities are collaborating to increase the homeownership rate from 47 % to 52 % by 2020.

The Ministry explained that the Saudi real estate sector faces a number of challenges, most notably the difficulty of obtaining adequate housing financing and the limited availability of suitable housing units; nevertheless, significant steps have been taken to regulate and facilitate a balanced housing environment.

The Ministry noted that several initiatives have been launched to increase homeownership rates and address the housing crisis in the Kingdom; including the regulation of housing subsidies, the launch of a rental services network to regulate the rental market, the diversification of housing finance sources and housing products to meet various preferences and needs, and the development of a land management policy.