Effective partnership with the private and non-profit sectors advanced the housing sector with contributions exceeding SAR2.2 billion
The home ownership rate in Saudi Arabia reached 65.4 percent by the end of 2024, surpassing the 2025 target of 65 percent. This result underscores the effectiveness of housing and financing initiatives implemented in partnership with stakeholders.
According to the Housing Program‘s annual report for 2024, more than 122,000 families benefited from housing support during the year, while over 21,000 eligible families were able to own homes through development housing programs.
The report also highlights key performance indicators and strategic achievements that have supported the national economy, boosted non-oil GDP, and advanced the goals of Saudi Vision 2030.
Key initiatives and projects drive home ownership surge
The year 2024 saw the signing of more than 13,000 contracts for land products affiliated with the Ministry of Municipalities and Housing, around 16,000 contracts for self-construction, over 49,000 contracts for ready-built units and more than 27,000 contracts for off-plan sales.
The report also confirmed that the Saudi Housing Program’s strategy successfully addressed the accelerating pace of home ownership despite global economic challenges. It launched development initiatives and projects that expanded housing opportunities, attracted private sector partners, and created jobs and investment prospects.
The program’s initiatives and high-impact efforts have been a significant factor in balancing citizens’ expectations, market needs and available real estate supply. These contributions have expanded housing options that align with the highest global standards.
As a result, the cumulative total of housing products exceeded 850,000 units in 2024. Driven by these strategic efforts, homeownership levels surpassed set targets, with the percentage of Saudis owning a housing unit reaching 65.4 percent, with a citizen satisfaction rate of 89 percent.
Additionally, the effective partnership with the private and non-profit sectors advanced the housing sector with contributions exceeding expectations, reaching over SAR2.2 billion, surpassing the 2024 target of SAR1.7 billion.
“Providing suitable housing and dignified living for citizens is among our top priorities, and they are a matter of personal concern to me. With God willing, all decisions and policies that have recently been approved will lead us there. We all know of the care and attention Saudi Arabia devotes to this sector, as well as the substantial budgets allocated to it,” said the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud.
Saudi Arabia targets 70 percent home ownership rate by 2030
The Housing Program aims to enable Saudi families to own suitable homes with ease through a package of housing and financing solutions that serve different segments of society across all regions of the Kingdom. This supports the goals of Saudi Vision 2030, which seeks to raise the home ownership rate to 70 percent.
“For decades, the housing sector in the Kingdom faced substantial challenges, making it difficult to achieve progress despite the availability of resources and capabilities. As part of Vision 2030, we are committed to increasing the homeownership rate among citizens, and we aspire to become one of the highest-ranking countries in the world in terms of homeownership,” said His Royal Highness Prince Mohammed bin Salman Al Saud, Crown Prince and Prime Minister.
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67 initiatives drive growth
Saudi Arabia’s Housing Program was launched with a clear vision focused on the development of four main pillars, monitored through 8 key indicators that have tracked transformational growth, marking the success of meeting the program targets up to the year 2024.
The first pillar is housing demand, where the program worked to ease home ownership for citizens and address previous challenges with innovative technological solutions. These efforts helped raise the homeownership rate to 65.4 percent by the end of 2024, as the program continues to move toward its strategic objective of expanding access to suitable housing for all citizens.
On the supply side, the program committed to offering diverse, high-quality housing options that meet the needs of different segments of society, taking into account their varying financial capabilities. It has also focused on developing residential projects, encouraging the adoption of new construction technologies, and engaging the private sector to ensure the balance between supply and demand.
Through developed and flexible financing solutions, the program supported the development of the financial market, strengthening the role of financial institutions in providing funding. At the same time, it laid the basis for a stable and transparent real estate environment that ensures sustainability, develops local content, attracts investment, and enhances the effectiveness of private sector partnerships by improving and reviewing real estate regulations and legislation.
“These achievements are not the result of a single moment but rather the culmination of collective efforts, implemented in two phases through the launch of 67 initiatives. These accomplishments are the result of close cooperation with government partners within the housing system, all working together in service of the citizens by transforming challenges into developmental opportunities that enhance the well-being of Saudi families,” said His Excellency Mr. Majid Bin Abdullah AlHogail, chairman of the Housing Program Committee.
