The report shows that the home ownership rate of Saudi households has risen to 63.74% by the end of 2023. This figure represents an increase of 16.7 percentage points compared to 47.04% in 2016, exceeding the 63% target set for 2023. The report notes that a total of more than 96,000 households benefited from the Housing Support Program in 2023, through which these households received financial assistance to mitigate housing costs. In addition, more than 20,000 households received full service support from ownership pathways to developmental housing.
In terms of land contracts, the report reveals that the Department of Urban and Rural Affairs and Housing signed more than 26,000 land product contracts in 2023, including 11,000 contracts in the fourth quarter. These contracts are aimed at boosting housing affordability and ensuring that more Saudi households are able to achieve homeownership, thus supporting the strategic objectives of the housing program.
In the area of housing construction, the report noted that the program has approved more than 800 construction projects and issued more than 3,000 building permits. Also, 10,000 housing units have been made available to beneficiaries of developmental housing and 10,904 contracts for off-plan sales have been signed. These measures show that the program has made significant progress in boosting the housing supply.
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The annual report also details the implementation of a number of residential facilities and services, including real estate consultancy services, issuance of real estate transaction tax certificates, financing entity quotations, signing of electronic land contracts, engineering design services, e-financing, and issuance of electronic registrations and building permits for the real estate market. The advancement of these services has not only improved the operational efficiency of the housing program, but also accelerated the response to housing demand.
The report further analyzes the impact of the transformation of the global economic system on the real estate market, taking into account the financial situation in the Kingdom and its impact on the purchasing power of citizens and investors. At the same time, the report emphasizes the accelerated pace of homeownership as an important indicator of success and continuous improvement in the sector.
In addition, the report documents the success achieved through the launching of various initiatives and development projects. These projects have not only supported the needs of the Kingdom's residential market, but have also created significant employment and investment opportunities and attracted private sector developers and partners. These initiatives have provided effective solutions for households seeking housing that meets their needs in all parts of the Kingdom.
The report also shows that by offering a diverse range of housing products and financing options, Saudi families were able to own their first home more easily. This initiative has effectively contributed to the growth of the housing sector and expanded the range of options available to citizens wishing to own a home. The report emphasizes that the housing program has not only exceeded the targets set last year, but has also reduced waiting lists and provided suitable housing opportunities for all segments of society in all regions of the Kingdom. These achievements reflect the remarkable progress of the housing program in achieving the goals of Saudi Vision 2030.
