Saudi Homeownership Rate Approaches 2030 Target
Saudi Arabia is steadily progressing toward achieving its housing program targets under Vision 2030, with homeownership rates among Saudi families reaching 63.7% in the past year. This marks a significant step toward the program's goal of 70% homeownership by the end of the decade.
According to a recent report from the Ministry of Municipal and Rural Affairs and Housing, more than 205,000 off-plan housing units were licensed and launched in 2024, with over 60,000 units delivered. Additionally, Sakani, the government's housing initiative, made 165,000 plots of land available, allowing beneficiaries to build homes tailored to their future needs.
To support low-income families, the ministry provided over 50,000 housing units, reinforcing its commitment to sustainable social housing solutions. Efforts continue to diversify options and create integrated residential communities that meet citizens' needs. The Real Estate Development Fund (REDF) deposited SAR 11.9 billion ($3.1 billion) into the accounts of Sakani beneficiaries last year. The program offers digital services that help recipients customize their housing support and select optimal financing solutions.
By the end of 2024, more than 122,000 families had benefited from Sakani's housing support services. The 'Your Installment is Your Support' program, which offers flexible payment options for off-plan and self-construction homes, recorded 2,700 beneficiaries. Additionally, 107,000 housing finance contracts were signed, demonstrating the continued growth of the sector. Financing solutions with a reduced interest margin of 2.59% were provided to over 22,000 Sakani beneficiaries in the low-income category. Meanwhile, nearly 962 beneficiaries received subsidized installment plans, and 59,000 low-income families secured government-supported mortgage loans. In total, Sakani provided approximately 70,000 financing packages for off-plan, ready-built, and self-construction homes.
In its latest quarterly report, Sakani outlined key initiatives aimed at enabling Saudi families to own their first home. The program continues to expand housing options and financial solutions to improve homeownership rates, enhance citizens' quality of life, and align with Vision 2030 housing objectives. The report highlighted a variety of financial solutions used by families in late 2024, including off-plan units, self-construction, ready-built homes, and land support programs. By year-end, more than 107,000 financing contracts had been signed, with nearly 58,000 benefiting low-income families.
To cater to different financial needs, Sakani offers a range of customized financing solutions, including financial support packages, down payment assistance, in-kind support, reduced financing margins, affordable mortgage plans, flexible installment options, and mortgage guarantee programs.
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