Saudi Arabia plans to supply 70,000 new houses in Riyadh
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Saudi Arabia has announced plans to add nearly 70,000 new houses in Riyadh for citizens as part of a strategy to expand their housing ownership, the Gulf Kingdom’s Municipalities and Housing Minister has said, as reported by ZAWYA.
Speaking to local reporters, Majid bin Abdullah Al-Hogail stated that the country had expanded home ownership from around 47 per cent in 2016 to nearly 65.4 percent at the end of 2024.
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Crown Prince Mohammed bin Salman also started an initiative to donate SAR1 billion ($266 million) for citizens’ housing ownership, which would give a big boost to the sector.
Majid bin Abdullah Al-Hogail said, “We have plans to inject nearly 70,000 new housing units into Riyadh; new units will also be supplied in other areas soon.”
The real estate market jumped from only around SAR170 billion ($45 billion) 10 years ago to SAR850 billion ($226 billion) last year.
This is great news for those of us affected by the rising land prices and rental costs in Riyadh. Earlier this year, Crown Prince Mohammed bin Salman also started a series of measures to work on stabilising the real estate sector.
A major aspect of the directive is the lifting of restrictions on land transactions and development in northern Riyadh. The move will allow for the sale, purchase, division, and subdivision of land in designated areas, as well as the issuance of building permits, making sure that the real estate market remains stable and accessible.
Visit: zawya.com