The National Housing Company announced the construction of the largest new residential neighborhood in Riyadh, the Farzan neighborhood, and the second phase of Khazma neighborhood, to become the largest real estate offer in the capital Riyadh, as a continuation of His Highness the Crown Prince’s efforts to support the housing system to achieve the goals of the housing program to increase the ownership rate that exceeded 60% in 2020 to reach 70% in 2030, and to support the Riyadh City’s goals to increase the real estate supply.
The Al Forsan neighborhood covers an area of 35 million square meters in the northeast of Riyadh and aims to build more than 50,000 residential units accommodating more than 250,000 people. Meanwhile, the National Housing Company announced the second phase of the Kharm neighborhood located north of the capital Riyadh, covering an area of over 21 million square meters and aiming to build 30,000 residential units to accommodate 150,000 people. The first residential units are expected to be delivered at the beginning of 2026.
On this occasion, Mohamed bin Saleh Al-Bati, CEO of the National Housing Company, said that the launch of the suburban projects is an extension of the company’s efforts to build modern communities that are vibrant and characterized by a distinctive cultural identity, and to provide housing and financing solutions through streamlined procedures that ensure comfort and well-being for Saudi families.
Through the launch of the two neighborhoods, “Al Wataniya for Housing” aims to support and increase the real estate supply in the Kingdom in general and in the capital Riyadh in particular, as well as to create the appropriate environment by ensuring a high quality of life for all residents of the neighborhoods, which it implements in accordance with the highest global specifications and standards.
