Saudi Arabia’s homeownership rate climbed to an impressive 63.7% by the end of 2023, marking a significant 16.7 percentage point increase since 2016, according to the 2023 Housing Program report. This notable rise highlights the success of the kingdom’s ongoing efforts to expand access to affordable housing and support Saudi families in achieving homeownership.
The 2023 Housing Program report outlines several key achievements that contributed to this milestone:
- Housing Support for Families:
Over 96,000 families benefited from the program’s housing support initiatives in 2023. These efforts were crucial in helping many Saudi citizens cover their housing costs, making homeownership more accessible. - Developmental Housing Success:
More than 20,000 families were served through developmental housing ownership initiatives, further expanding access to housing for lower-income and vulnerable groups. - Land Product Contracts:
The Ministry of Municipal and Rural Affairs and Housing signed over 26,000 contracts under its land product initiative in 2023. Notably, 11,000 of these contracts were finalized in the fourth quarter alone, significantly contributing to improving housing affordability across the kingdom. - Etmam Program Approvals:
The Etmam program played a pivotal role in facilitating the construction and development of housing units by approving over 800 plans and issuing more than 3,000 building permits throughout the year. - Housing Units for Developmental Housing Beneficiaries:
In a continued effort to support developmental housing, the program provided 10,000 housing units to beneficiaries, ensuring that more families have access to safe and affordable living spaces. - Off-Plan Sales Product:
The off-plan sales product also saw significant traction, with 10,900 contracts signed. This initiative allows buyers to purchase homes before they are built, often at more affordable rates, increasing housing accessibility. - Mortgage Finance Contracts:
The Housing Program facilitated the signing of over 69,000 mortgage finance contracts, providing crucial financial support for families looking to purchase homes. Additionally, 1,747 mortgage finance guarantees were issued to further support housing program beneficiaries. - Housing Unit Deliveries:
More than 17,000 housing units were delivered to beneficiaries of the off-plan sales product, showcasing the program’s commitment to delivering on its promises and providing ready-to-occupy homes. - Mortgage Refinancing:
The volume of mortgage refinancing in financing portfolios reached a substantial 36.5 billion riyals by the end of the fourth quarter of 2023. This refinancing effort covered approximately 87 portfolios, helping to reduce the financial burden on homebuyers and making mortgage payments more manageable.
These achievements reflect Saudi Arabia’s ongoing dedication to improving housing accessibility and affordability for its citizens. Through a combination of targeted support programs, strategic partnerships, and innovative housing products, the kingdom continues to make significant strides toward its Vision 2030 goal of increasing homeownership and ensuring that more Saudi families have access to safe, affordable, and high-quality housing.
