Saudi Vision 2030 represents the broadest horizon and the ideal model through which the Kingdom seeks to bring about every form of development and progress for the Kingdom, its citizens, and its residents alike.
One of the sectors targeted by this bright vision—and planned for with great strategy and creativity—is the housing sector, a sector considered a cornerstone of Saudi Vision 2030, occupying a vital place in the lives of the Saudi people, and to which the stability, dignified living conditions, and well-being of Saudi citizens in suitable, affordable housing are attributed.
The Vision’s policies have propelled the housing sector to new heights
The policies approved by Saudi Vision 2030 regarding the housing sector represent a qualitative leap and a pioneering achievement aimed at regulating the real estate market, achieving balance within it, support housing finance, and facilitate all steps necessary to enable Saudi families to own real estate—all of which contribute to the overall goal of raising the homeownership rate among Saudi citizens to 70% by 2030.
The support and backing provided by the wise Saudi leadership play a crucial role in achieving the Housing Program’s goal, developing the sector’s environment, and regulating all its areas and functions. It has worked to provide numerous innovative solutions and effective measures in the housing sector for all segments of society, regardless of household size or the diversity of their incomes and needs. It has also attracted private-sector investment to the housing sector.
The Housing Sector… Between Challenges and Achievements
The housing sector faced many obstacles and challenges before it began to gain momentum and take off, due to being hampered by previous restrictions and outdated plans that prevailed in the last century, which led to weak governance, a lack of planning, a lack of mechanisms to facilitate operations, and the failure to properly utilize resources and potential. In addition, Saudi citizens faced significant difficulties when seeking to purchase any property or home.
Today, the housing sector is celebrating a national triumph, heralding its successes and the signs of its prosperity with songs of joy. The homeownership rate has been increasing year after year, until it reached the target rate—and even exceeded it. And it doesn’t stop there—Vision 2030 aims to make the rate of Saudi home ownership the highest in the world.
Vision 2030 Programs… A Promising Future and Pioneering Stability
Numerous housing programs and initiatives have been implemented, such as the "Sakani" e-program, the "Developmental Housing" program, the "Jood Al-Iskan" initiative, the "Partnerships" program, the "White Lands" Program, the "Itmam" Initiative, and many others. These programs and initiatives were part of the Vision 2030 strategy, designed to make housing eligibility immediate—a process that had previously taken several years— As a result, Saudi citizens now receive higher-quality services in less time and at lower costs through the available housing solutions and financing options.
Opportunities for Saudi families to own homes have increased, either through the ownership or usufruct system, and many real estate loans have been made available to them, with real estate transaction tax certificates issued to many of them. In addition, down payment requirements for mortgage financing have been significantly reduced, standard architectural designs have been provided, and building permits have been issued.
These support programs have also helped create many homeownership opportunities for Saudi citizens and have made renting more affordable for many Saudi families. In addition, they have created many direct jobs and contributed hundreds of millions of Saudi riyals to the gross domestic product.
The Four Strategies in the Housing Sector
Supporting supply.
Enabling financing.
Regulations and Legislation.
Citizen Experience in Acquiring Their First Home.
These clear strategies and sound measures have provided significant opportunities for hundreds of Saudi families to acquire home ownership, either outright or through ongoing projects.
And certainly, had it not been for the support of the Custodian of the Two Holy Mosques, Salman bin Abdulaziz Al Saud, and the endorsement of Crown Prince Mohammed bin Salman —may God protect them both—for the housing sector, and their personal interest in developing the legislative and regulatory framework for this sector and ensuring it achieves all its goals, the sector would be far from where it stands today, left with nothing but the ruins of hope for a comfortable home or a good property. Nor do we forget the efforts of the champion of this era, His Excellency Minister Majid Abdullah Al-Hogail, for whom we express our appreciation for his significant and evident efforts and his clear impact across the Ministry of Municipal, Rural Affairs, and Housing, where he has clearly and significantly contributed to the success of projects and initiatives and programs aimed at facilitating home ownership for every citizen. This is not an exaggeration but rather an expression of gratitude and a recognition of the truth. We also commend him for earning the renewed royal trust to oversee the housing portfolio, a trust rooted in the full conviction that the Vision’s objectives and the current phase’s goals will be achieved, as well as the leadership’s aspiration to place the Kingdom among the ranks of advanced nations in the real estate sector—a goal that has indeed been realized.
In conclusion…
The wise guidance provided by the Saudi leadership has been the strongest driving force behind the development of the real estate sector; Supported by the Kingdom’s Vision 2030, these directives have borne rich fruit, resulting in the restructuring of the residential sector and the establishment of laws and regulations that keep pace with the present and the future.
The digital and technological solutions—manifested in the launch of online programs and initiatives—played an active role in achieving transparency and reliability between citizens and the authorities responsible for home ownership.
These programs, created through Saudi efforts, have helped citizens determine their eligibility, understand the available financing products and housing projects, facilitate access to all required services, and provide citizens with multiple options from which they can choose what best suits their needs and income. All of this is achieved through the easiest and most modern means.
