IMF commends success of Kingdom’s Housing Program through 2024 Article IV Consultation Report

The International Monetary Fund (IMF), in its report following the conclusion of the "2024 Article IV Consultations", praised the significant success of the Housing Program, one of the initiatives under Vision 2030. The report emphasized that this program effectively contributes to the social and economic stability of citizens.

It noted that the Saudi economy is experiencing accelerated growth, highlighting its strong financial position, and pointed out that the Kingdom was the fastest-growing economy in the G20 in 2022, commending the progress made in achieving the set targets. The report highlighted that the Housing Program has achieved numerous tangible accomplishments, including a remarkable increase in the homeownership rate among citizens to nearly 64%, and a satisfaction level among beneficiaries regarding the services provided exceeding 90%. Additionally, it noted the diversity of available housing options.

The report can be accessed via the link: https://www.imf.org/-/media/Files/Publications/CR/2024/Arabic/1sauaa2024001-print-pdf.ashx.

It is worth mentioning that the Housing Program has launched several qualitative initiatives that offer innovative housing and financing solutions to meet citizens' needs. This is facilitated through Sakani Program under the Ministry of Municipalities and Housing, as well as the financing options provided by the Real Estate Development Fund “REDF”, the regulations established by the Real Estate General Authority “REGA”, and the residential projects and communities implemented by the National Housing Company “NHC”. These efforts have enhanced the Kingdom's standing in attracting substantial investments in the housing sector, reflecting the visionary leadership's foresight, which prioritizes providing adequate housing for citizens, thereby contributing to the continuous growth of the non-oil GDP in the Kingdom.