Housing Program

Article
3 min Reading time
09/02/2021
Vision 2030

The Housing Program is one of the programs to achieve Saudi Vision 2030. It was launched in 2018, aiming to provide housing solutions that enable Saudi families to own suitable homes, either by ownership or usufruct, according to their needs and financial abilities. This is alongside increasing the housing options that are implemented at affordable prices, in less time, and of high quality, in partnership with the private sector.

The Housing Program strives to provide specialized housing programs for the neediest segments of society and develop the legislative and regulatory environment for the housing sector to increase its economic impact. It also aims to enhance its appeal to the private sector and develop local content.

Projects of the Housing Program

As part of the supply policy support axis in the Housing Program, the program is working on 119 projects under construction, providing more than 155,000 units in modern models of high quality. These range from apartments to villas and townhouses, with average prices reaching SAR750,000. They are distributed across various cities and governorates in active partnership with over seventy real estate developers, offering a residential environment with integrated amenities, not just housing units. The program also aims to develop more than 180,000 residential plots within 218 residential plans.

Achievements of the Housing Program

The Housing Program achieved tangible successes during the previous phase. The most notable were: the increase in citizens' housing ownership over four years from 47 percent in 2016 to 60 percent in 2020, and the elimination of the waiting concept for housing support from fifteen years to immediate eligibility through the Sakani Platform, which served 1.4 million visitors who benefited from housing services and options through it. Also, 620,000 families inhabited their homes. Suitable housing was also provided for the neediest families under Entifa system, offering more than 46,000 housing units across the Kingdom's regions in partnership with the non-profit sector. Over 350 housing associations were qualified, and the activation of partnerships with the private sector led to the development of more than 141,000 housing units. This comes in addition to strengthening the partnership with all banks and financial institutions by providing 424,000 subsidized real estate loans. As of the end of the first half of June 2023, the number of documented lease contracts reached about 6.5 million.

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Sources

Saudi Vision 2030.

 Saudi Press Agency.

 Ejar Platform.

 Sakani Platform


 

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Table of contents

Info Box

Name
Housing Program.
Category
One of the programs to achieve Saudi Vision 2030.
Launch Date
2018.
Program Projects
119 residential projects.
Key Achievements
Increase in citizen homeownership rate from 47 percent in 2016 to 60 percent in 2020.
Provide suitable housing for the neediest families under Entifa system, offering more than 46,000 housing units across the Kingdom's regions.
Develop the Housing Program's regulatory regulations
Establishment of REGA.
Launch of "Ejar Platform," the contract documentation service, to regulate the real estate rental sector in the Kingdom.
"Etmam" Developer Services Center.
Main Objectives
Providing housing solutions that enable Saudi families to own homes.
Providing specialized housing programs for the neediest segments of society.
Developing the legislative and regulatory environment for the housing sector.
Program Targets
Achieving a citizen homeownership rate of 70 percent by the end of 2030.
Providing 95,000 developmental housing units "cumulative for the first and second stages" to support the neediest families by the end of 2025.
Raising citizen satisfaction with the program's services to 80 percent by 2025. Signing 355,000 new financing contracts with the goal of continuing to provide subsidized real estate financing contracts by the end of 2025.
Raising the contribution to the GDP to SAR157 billion by the end of 2025.
Providing more than 38,000 direct job opportunities for Saudis by the end of 2025.

Table of contents

Info Box

Name
Housing Program.
Category
One of the programs to achieve Saudi Vision 2030.
Launch Date
2018.
Program Projects
119 residential projects.
Key Achievements
Increase in citizen homeownership rate from 47 percent in 2016 to 60 percent in 2020.
Provide suitable housing for the neediest families under Entifa system, offering more than 46,000 housing units across the Kingdom's regions.
Develop the Housing Program's regulatory regulations
Establishment of REGA.
Launch of "Ejar Platform," the contract documentation service, to regulate the real estate rental sector in the Kingdom.
"Etmam" Developer Services Center.
Main Objectives
Providing housing solutions that enable Saudi families to own homes.
Providing specialized housing programs for the neediest segments of society.
Developing the legislative and regulatory environment for the housing sector.
Program Targets
Achieving a citizen homeownership rate of 70 percent by the end of 2030.
Providing 95,000 developmental housing units "cumulative for the first and second stages" to support the neediest families by the end of 2025.
Raising citizen satisfaction with the program's services to 80 percent by 2025. Signing 355,000 new financing contracts with the goal of continuing to provide subsidized real estate financing contracts by the end of 2025.
Raising the contribution to the GDP to SAR157 billion by the end of 2025.
Providing more than 38,000 direct job opportunities for Saudis by the end of 2025.