Minister of Municipalities and Housing Majid bin Abdullah Al-Hogail confirmed that the percentage of citizens" home ownership exceeded 64% by the end of 2024, within the framework of continuous progress towards achieving the targets of the Kingdom's Vision 2030.
This came during a panel discussion at the Future of Real Estate Forum. This came during a discussion session within the activities of The Future of Real Estate Forum, where Al-Hogail explained that more than 21 thousand families of the most needy families were able to own homes, so that the ownership of this category becomes parallel to the rest of the society."
The minister pointed out that the contribution of the real estate sector to GDP reached 6.45%, registering an increase of about 14% compared to the previous year, while the contribution of the construction sector rose to 5.4%, with a growth of 7%.
Haqeel highlighted the increase in the number of families in need of housing ownership, bringing the ownership of this category in parallel with that of the community. <Al-Huqail highlighted the significant rise in real estate revenues, which quadrupled over the past three years thanks to the efforts of the private sector. The volume of real estate loans exceeded SAR 850 billion, reflecting the rapid growth of the sector.
Haqeel added. He added that the private sector currently manages about 39% of the real estate sector in the Kingdom, with the aim of raising this percentage to 70% within the future development plans.
Haqeel stressed the importance of the real estate sector revenues, which quadrupled in the past three years thanks to the efforts of the private sector. <The minister emphasized the great importance of the real estate sector, which overlaps with various other sectors, stressing its role as a key pillar of development and its direct impact on the economy and society. At the end of his opening speech at the forum, Al-Haqeel explained that the Kingdom has issued more than 20 key legislations to regulate the real estate sector, which contributes to the sustainability of the sector and attract more investments.
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