“Annual Report of the Housing Program 2023”: Saudi Household Homeownership Rate Increased to 63.74%

The Housing Program, a key program of 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%. 

The Program pointed out that over 96,000 families eligible for housing support benefited during the year 2023, through the contribution of the “Housing Program” in bearing the cost of housing, in addition to serving more than 20,000 families through the homeownership tracks via the developmental housing.

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, including 11,000 contracts during Q4 2024, aiming to improve housing affordability and achieve the strategic goals of the Housing Program by enabling Saudi households to own suitable housing.

The report addressed the updates on implementation and construction in a number of initiatives, where Etmam Program approved more than 800 plans and issued more than 3,000 building permits. Additionally, 10,000 housing units were provided for the beneficiaries of developmental housing, and the number of contracts signed for the off-plan sales product reached 10,904 contracts.

The annual report outlined a diverse range of housing facilities and services, including the real estate advisor, issuing real estate transaction tax certificates, displaying financing entity prices, issuing electronic land contracts, engineering design service, e-financing, and the “Real Estate Market”, in addition to immediate registration and entitlement, and issuing electronic building permits.

The annual report reviewed the Housing Strategy, taking into account the accelerated pace of homeownership as an indicator of success and continuous improvement in the sector, in addition to the transformations in the global economic system and its impact on the real estate market, as well as the financial situation in the Kingdom and its impact on the purchasing and investment power of citizens and investors in the housing sector.

Furthermore, the report documented the Program's achievements through the launch of various initiatives and development projects that contributed to supporting the needs of the housing market in the Kingdom, providing numerous job and investment opportunities, and attracting developers and private sector partners to be partners in providing solutions for those seeking a home that meets their needs in various regions of the Kingdom.

The report included many other accomplishments, such as expanding the options available to citizens wishing to own their homes, as it provided diverse and suitable housing products, as well as facilitating access to affordable real estate financing with conditions that suit various segments. The report can be viewed through the link: https://www.vision2030.gov.sa/media/byrfo4sa/housing-program-annual-report-2023.pdf.

The annual report, as well, referred to the recent 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.

It is worth noting that the Housing Program aims to enable Saudi families to easily own a suitable home through multiple options by providing a range of housing and financing options, in accordance with the objectives of the Housing Program - one of the programs of Vision 2030 - reducing waiting lists and providing suitable housing opportunities for various segments of society in all regions of the Kingdom.