Riyadh, July 21, 2024 – The Housing Program, one of the key initiatives under Saudi Arabia’s Vision 2030, has released its annual report for 2023, titled “Empowering You to Own Your Home: A Journey of Empowerment and Building.” The report highlights performance metrics, strategic goals, contributions to the macroeconomy, support for non-oil GDP, and achievements aligned with the objectives of Vision 2030.
According to the report, the homeownership rate among Saudi families reached 63.74% by the end of 2023, marking an increase of 16.7 percentage points since 2016. This rate surpasses the 2023 target of 63%.
The report notes that over 96,000 families benefited from housing support in 2023, thanks to the Housing Program’s efforts to subsidize housing costs. Additionally, more than 20,000 families were served through ownership pathways via developmental housing.
The report also details that the number of contracts signed for land products from the Ministry of Municipal, Rural Affairs, and Housing exceeded 26,000, including 11,000 contracts in the fourth quarter of 2023. This initiative aims to improve the affordability of housing and achieve the strategic goal of the Housing Program by enabling Saudi families to own suitable homes.
The report covers updates on implementation and construction across various initiatives. The “Etmam” program approved over 800 plans and issued more than 3,000 building permits. Additionally, 10,000 housing units were provided for developmental housing beneficiaries, and 10,904 contracts were signed for the off-plan sales product.
The annual report mentions a variety of housing services and facilities, including real estate advisory, issuance of property transaction tax certificates, financing offers, electronic land contract issuance, architectural design services, electronic financing, and the real estate market platform. It also highlights immediate registration and eligibility determination, and electronic building permit issuance.
The annual report outlines the Housing Program’s strategy, taking into account the accelerated pace of ownership as an indicator of success and continuous improvement in the sector. It also considers global economic shifts and their impact on the real estate market, as well as the financial conditions in Saudi Arabia and their influence on the purchasing and investment capacity of citizens and investors in the housing sector.
The report documents the program’s successes through the launch of numerous initiatives and development projects that have supported the housing market’s needs in the Kingdom, created numerous job and investment opportunities, and attracted developers and private sector partners to provide housing solutions for those seeking homes that meet their needs across different regions of the Kingdom.
The report includes many other achievements and expands the options available to citizens wishing to own homes, offering various suitable housing products and facilitating access to affordable housing finance with terms that suit different segments. The full report can be accessed at [Housing Program Annual Report 2023](https://www.vision2030.gov.sa/media/byrfo4sa/housing-program-annual-report-2023.pdf).
The annual report highlights the latest figures that have contributed to the growth of the housing sector by facilitating services and diversifying products to enable Saudi families to own their first homes, confirming that the program has exceeded its targets announced last year.
The Housing Program aims to enable Saudi families to own suitable homes easily through a range of housing and financing options, in line with the goals of the Housing Program—one of the Vision 2030 initiatives—by reducing waiting lists and providing suitable housing opportunities for various segments of society across all regions of the Kingdom.
