Prime Highlights:
- Saudi Arabia has surpassed its 2025 homeownership target a year early, with over 65 percent of families owning homes in 2024.
- Citizen satisfaction has improved significantly, rising from 80% in 2023 to 89% in 2024.
Key Facts:
- More than 122,000 families received housing support in 2024, with over 21,000 achieving homeownership through development programs.
- The total mortgage value grew from SR818 billion ($218 billion) to over SR859 billion, showing a more efficient housing market.
Key Background:
In 2024, more than 65 percent of Saudi families owned their homes, allowing the country to meet its 2025 homeownership target a year ahead of schedule. The original target was 65 percent by 2025, so the Kingdom has already surpassed it. Now, the goal is to increase the homeownership rate to 70 percent by 2030.
Since 2016, the homeownership rate in Saudi Arabia has climbed from 47 percent, reflecting the success of the Housing Program in supporting the objectives of Vision 2030. Minister of Municipalities and Housing Majed Al-Hogail emphasized that the program is designed to empower citizens and build a vibrant society where people live in stability and security.
In a statement on social media, Al-Hogail said: “We are advancing with firm determination to continue achieving milestones within the Housing Program, supporting sustainable urban development, and enhancing the quality of life for every Saudi family.”
The program’s achievements are attributed to accessible financing solutions, innovative housing options, and the development of modern urban communities. The Housing Program also uses digital tools to make it easier for people to find the right homes.
In 2024, more than 122,000 families received housing support, and over 21,000 families bought homes through development programs. During the year, the Ministry recorded more than 13,000 land contracts, about 16,000 self-construction agreements, over 49,000 ready-made home sales, and more than 27,000 off-plan sales.
The total value of mortgages grew from SR818 billion ($218 billion) to over SR859 billion, showing that the housing market is becoming more efficient. Housing affordability improved as well, with the share of household income spent on housing decreasing from 41 percent to 40.2 percent. As a result, the number of satisfied citizens increased from 80% in 2023 to 89% in 2024.
With these achievements, Saudi Arabia demonstrates strong progress in its housing sector, setting the stage for further economic growth and a higher standard of living for its citizens in line with Vision 2030.
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