Saudi Arabia Boosts Home Ownership with New Real Estate Directives: Al-Jadaan
Saudi Arabia's new real estate directives aim to boost citizen homeownership, Finance Minister Mohammed Al-Jadaan announced. The government unveiled the reforms in March after a comprehensive study by the Royal Commission for Riyadh City (RCRC) and the Council of Economic and Development Affairs.
The review analyzed Riyadh's land prices and rental pressures, proposing regulatory solutions for market stability. Key measures lift land transaction restrictions in northern Riyadh's targeted zones.
Al-Jadaan told Alekhbariyah the directives align with Crown Prince Mohammed bin Salman's goal to raise homeownership to 70% by 2030. He emphasized the policies will curb real estate price volatility and inflation while enhancing economic stability. Affordable Housing Initiatives
The plan permits land sales, subdivisions, and building permits across two northern Riyadh zones spanning 33.2 sq. km. Combined with prior releases, 81.48 sq. km is now available for development.
Furthermore, Al-Jadaan expects eased price pressures as developers expand projects in response to increased land access. The RCRC will annually release 10,000–40,000 residential plots priced at SR1,500 per sq. meter for eligible citizens.
Plots face 10-year resale and rental restrictions unless used for construction financing. Unused land reverts to the government after a decade, with buyers reimbursed.
Al-Jadaan highlighted improved financing access for residential and commercial real estate purchases. Reforms include revised white land fees to incentivize development within 60 days. New landlord-tenant regulations will launch within 90 days to ensure market balance. Authorities will track price trends and assess policy effectiveness through periodic reports.
Al-Jadaan affirmed the Kingdom's capacity to stabilize real estate via institutional frameworks. 'These changes reflect Saudi Arabia's proactive approach to economic growth,' he concluded.
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