Plans laid out by Saudi Arabia’s Crown Prince Mohammed bin Salman to boost home ownership to 70 percent by 2030 have seen a flurry of government incentives, new housing developments and a surge in residents and expatriates looking to cast anchor in the Kingdom.
Speaking to Al Arabiya English, experts, real estate companies and prospective homeowners from across the Kingdom highlighted multiple reasons that have led to an increase in demand for home ownership.
A range of initiatives – many in collaboration with the private sector – have improved the supply of housing units in the country. In addition, easy access to home finance for Saudi families and reformed housing and planning policies have contributed to a rise in home ownership, reports AlArabiya News.
In 2020, Saudi Arabia’s Public Investment Fund (PIF) formed ROSHN Real Estate, tasked to meet the growing demand for housing in Saudi Arabia.
Chaired by the Crown Prince, ROSHN plans to spend tens of billions to build integrated communities that will be home to more than 2.2 million people by 2030.
Like government-backed property developers in neighboring UAE, which has multi-billion-dollar realtors such as Nakheel, Emaar and Meraas, ROSHN is working on mega-projects in Riyadh, the Eastern region, Jeddah and Makkah that aim to offer “Saudi residents a new way of living,” said ROSHN Group CEO David Grover.
He said Saudi Arabia’s potent combination of huge investments and building-friendly planning laws makes it one of the most vibrant real estate and construction markets in the world.
“Saudi Arabia is embarking on a massive home-building journey with the goal that 70 percent of Saudis will be able to own their homes by 2030,” he said. “This is made possible by the Saudi Government’s incredible support for the real estate sector,” Grover said.
According to a 2022 PwC report, ‘Transforming the Housing Sector in Saudi Arabia,’ the government’s policies and initiatives, including the activation of various financial products, are driving the sector’s growth.
Reforming the housing sector in the country and enhancing access to suitable housing for Saudi families are key components of the Kingdom’s Vision 2030 initiative.