Saudi Arabia surpasses 2025 homeownership target a year early

02/09/2025 03:35 AST

Saudi Arabia surpassed its 2025 homeownership target a year early, with 65.4 percent of families owning homes in 2024, an official report showed.

According to the Housing Program's 2024 annual report, the Kingdom had aimed for 65 percent by 2025, meaning it has already achieved 102 percent of the goal. The report, titled Facilitating the Journey to Homeownership and Sustainability, noted that the Kingdom now aims to raise the rate to 70 percent by 2030.

Since 2016, the homeownership rate has risen from 47 percent, reflecting the effectiveness of the Housing Program in supporting Vision 2030 objectives.

"Today, we live under an ambitious Vision that places the individual at the heart of its objectives. In pursuit of a dignified life for all, efforts and plans are in place to empower and build a vibrant society where people live in safety and stability," the report quoted Minister of Municipalities and Housing Majed Al-Hogail.

In a post on his X handle, Al-Hogail added: "We are advancing with firm determination to continue achieving milestones within the Housing Program, in line with Saudi Vision 2030, supporting sustainable urban development and enhancing the quality of life for every Saudi family."

The minister emphasized that the program's success is attributed to the provision of accessible financing solutions, innovative housing options, and the development of urban communities. The program also focuses on leveraging modern digital technologies to offer a flexible and efficient journey toward finding suitable housing that meets citizens' aspirations and needs.

In 2024, over 122,000 families benefited from housing support, with more than 21,000 eligible families achieving homeownership through developmental housing pathways.

Additionally, the year saw the signing of over 13,000 contracts for land products offered by the Ministry of Municipalities and Housing, approximately 16,000 contracts for self-construction, over 49,000 contracts for ready-made units, and more than 27,000 off-plan sales contracts.

The report also noted a rise in the total mortgage value from SR818 billion ($218 billion) to over SR859 billion, indicating increased efficiency in the housing market.

Furthermore, affordability metrics improved, with the percentage of household income spent on housing decreasing from 41 percent to 40.2 percent. As a result, citizen satisfaction increased from 80 percent in 2023 to 89 percent in 2024.

Arab News