New Housing Projects Aim to Strengthen Saudi Real Estate Market

Prime Highlights

More than 40,000 Saudi families will gain access to new homes under a major agreement to expand homeownership and stabilize the real estate market.
The tripartite deal between REDF, NHC, and SNB demonstrates the government’s commitment to providing suitable housing and supporting Vision 2030’s Housing Program.

Key Highlights

The agreement covers 24 residential projects across Saudi Arabia, with financing rates starting at 2.99 percent.
Saudi Arabia’s homeownership rate reached 63.74 percent by the end of 2023, slightly above the Housing Program’s target, with occupied housing units rising 2.7 percent to 4.4 million in 2024.

Key Background

More than 40,000 Saudi families will gain access to new homes under a landmark agreement designed to expand homeownership and stabilize the Kingdom’s real estate market.

REDF, NHC, and SNB signed the deal in Riyadh with Housing Minister Majid Al-Hogail overseeing the event. The agreement covers 24 housing projects across Saudi Arabia and offers financing rates starting at 2.99 percent. REDF CEO Loay Al-Nahidh, NHC CEO Mohammed Al-Bati, and SNB CEO Tareq Al-Sadhan attended the signing.

Al-Hogail said the government is showing its commitment to providing Saudi families with suitable housing and promoting a balanced real estate market through diverse financing options as part of Vision 2030’s Housing Program.

REDF emphasized that this partnership is a new step in partnerships with developers and financiers in order to accelerate homeownership by finding novel ways to finance it.

The SNB pointed out that the partnership is consistent with its Vision 2030 and its Housing Program, and it can offer innovative financing to reinforce market stability. At the same time, as an announcement accompanies, NHC also opened sales of two new residential projects in Madinah and Riyadh, contributing more than 3,000 units to them.

By the end of 2023, Saudi Arabia’s homeownership rate was 63.74 percent, just above the Housing Program’s 63 percent target, steadily moving toward the Vision 2030 goal of 70 percent. The data provided by the General Authority of Statistics has shown that the number of houses in which Saudi Arabian households resided in 2024 increased by 2.7 percent, and it is 4.4 million units, which simultaneously have a population of 21.69 million people or 4.9 people per unit.