The Kingdom leads the world in home ownership rates
Year after year, the Kingdom of Saudi Arabia celebrates the anniversary of its unification at the hands of the founder, the late King Abdulaziz Al Saud, and this year celebrates the 91st National Day with the slogan “It is our home”, to lead Saudis towards achieving great achievements, as the Kingdom has drawn a roadmap towards an integrated future national development. The Kingdom drew a roadmap towards an integrated future national development, represented in the launch of the ambitious Vision 2030, which aimed to raise the percentage of home ownership by citizens to 70% by 2030, and at the same pace, studies showed that Saudi Arabia ranked first among the G20 countries in the growth of ownership rates among citizens by about 3. 60%.60%.
The percentage of citizens" home ownership rose 8% within 4 years in 2020, which is higher than the target, and housing solutions were provided to one million Saudi families until the end of last year, and the launch of the Sakani application for smart phones and the establishment of Sakani Center in a number of cities in the Kingdom contributed to facilitating the services provided and shortening the journey of beneficiaries to own a home.
Relatedly, studies have shown that Saudi Arabia ranked ahead of the G20 countries in the growth of home ownership rates by 3. 60%
The housing sector strategy aims to facilitate the procedures of the ownership path for the beneficiary with pumping a number of subsidized housing units in the market, providing state-subsidized loans through banks and real estate finance companies with the main support of the Real Estate Development Fund, establishing partnerships with real estate developers to create housing units and developed lands at affordable prices, high quality, and multiple options, in addition to transforming the role of the Ministry of Municipal and Rural Affairs and Housing from developer to monitor, organizer and catalyst.
The housing sector also aims to contribute to raising GDP by 157 billion riyals, issuing more than 355 thousand new financing contracts, raising the level of citizen satisfaction with the services of housing programs by 80% by 2025, and the program seeks by 2030 to raise the ownership rate to 70%, and provide more than 38 thousand job opportunities for Saudis.
Also, the housing sector aims to contribute to raising the GDP by 157 billion riyals.
The most important programs and initiatives launched during the past years include ”Sakani”, ”Good Housing”, ”Completion”, ”Malak”, ”Rent”, ”Wafi”, ”White Lands”, ”Developmental Housing”, ”Cooperative Housing”, ”Sustainable Construction”, "Real Estate Institute", "Modern Construction", "Real Estate Transaction Tax for First Home", "Sorting Real Estate Units", in addition to a number of residential financing solutions.
The program aims to increase the percentage of ownership in 2030, and to provide a number of housing finance solutions.
