Saudi home ownership rate passes 63%, closing in on Vision 2030 target

The percentage of Saudi households owning a home reached 63.74 percent at the end of 2023, an increase of 16.7 percent compared to 2016, according to a new report.

The Housing Program — one of the initiatives of the Kingdom’s Vision 2030 — revealed the share of Saudi families owning a housing unit had exceeded the target set for the year of 63 percent.

The findings – set out in the organization’s annual report – confirm that the Kingdom is well on its way to meeting its goal of 70 percent home ownership by 2030.

More than 96,000 families eligible for housing support benefited from the program last year, and it assisted over 20,000 families through developmental housing tracks.

The program said more than 26,000 contracts were signed by the Ministry of Municipal, Rural Affairs and Housing for land development, including 11,000 contracts during the fourth quarter of 2023 to develop affordable housing and improve Saudi home ownership availability.

“The program approved the completion of over 800 plans, issued more than 3,000 building permits, and provided 10,000 housing units for developmental housing beneficiaries,” the Saudi Press Agency said, adding that the number of contracts signed for the off-plan sales product reached 10,904 contracts.

The report reviewed the housing strategy and said the increase in the pace of ownership was an “indicator of success and continuous improvement in the sector.”

The strategy also took into account transformations in the global economy, their impact on the real estate market, the financial conditions in the Kingdom, and their impact on the purchasing and investment capabilities of citizens and investors in the housing sector.

The program has also launched many initiatives and development projects to support the Saudi housing market, provided many job and investment opportunities, and attracted developers and partners in the private sector to help find solutions for home seekers in various regions of the Kingdom.

The housing program, which was launched in 2018, seeks to enable and facilitate Saudi home ownership by providing a range of housing and financing options and reducing waiting lists for various segments of society throughout the Kingdom.

Prior to the launch of Vision 2030, Saudi families could wait up to 15 years to receive housing support.

“By easing access to financial support, streamlining processes and digitizing documentation, home ownership increased from 47 percent to more than 60 percent in the end of 2022,” the program had previously said.