2023 Housing Program Annual Report: Saudi Household Homeownership Rate Increases to 63.74%
The Housing Program, a key initiative of Saudi Arabia's Vision 2030, has released its annual report for 2023, titled "We Empower You to Own Your Home: A Journey of Empowerment and Building." The report details performance indicators, strategic objectives, the program's contributions to the economy, support for non-oil GDP, and achievements related to the goals of Vision 2030.
In a press release today, the program announced that the percentage of Saudi households owning a housing unit had reached 63.74% at the end of 2023, an increase of 16.7 percentage points compared to 2016, surpassing the 2023 target of 63%. Over 96,000 eligible families benefited from housing support in 2023, with more than 20,000 families served through developmental housing tracks.
The program also indicated that the number of contracts signed for the Ministry of Municipal and Rural Affairs and Housing's land product exceeded 26,000 in 2023, including 11,000 contracts during the fourth quarter, aiming to improve housing affordability and enable Saudi families to own suitable housing.
Additionally, the program approved the completion of over 800 plans, issued more than 3,000 building permits, and provided 10,000 housing units for developmental housing beneficiaries. The number of contracts signed for the off-plan sales product reached 10,904 contracts.
The report outlined various housing facilities and services, including real estate consultants, issuance of real estate transfer tax certificates, display of financing institutions' prices, electronic issuance of land contracts, engineering design services, electronic financing, and the "real estate market," along with immediate registration and eligibility, and electronic issuance of building permits.
It also reviewed the housing strategy, taking into account the accelerated pace of ownership as an indicator of success and continuous improvement in the sector, global economic transformations and their impact on the real estate market, and the financial situation in the Kingdom and its impact on the purchasing and investment capacity of citizens and investors in the housing sector.
The report documented the program's successes in launching initiatives and development projects that supported the Saudi housing market's needs, provided job and investment opportunities, and attracted developers and private sector partners to offer solutions for housing needs in various regions.
The report expanded the options available to citizens wishing to own their homes by providing various suitable housing products and facilitating access to easy mortgage financing with terms that suit different segments.
The annual report referred to the latest figures that contributed to the growth of the housing sector by facilitating services and diversifying products to enable Saudi families to own their first home, confirming that the program has exceeded its targets announced last year.
The Housing Program aims to empower Saudi families to easily own suitable housing through various housing and financing options, reduce waiting lists, and provide suitable housing opportunities for different segments of society across the Kingdom.
The report can be viewed at https://www.vision2030.gov.sa/media/byrfo4sa/housing-program-annual-report-2023.pdf
