A national achievement within the framework of Vision 2030
His Excellency the Minister of Municipal and Rural Affairs and Housing, Mr. Majid bin Abdullah Al-Hogail, announced the remarkable success of the housing program, stressing that the integrated efforts and ambitious initiatives launched within the framework of the program have directly contributed to empowering Saudi families, and are expected to raise the rate of homeownership among citizens to 66.2% by the end of 2025. Al-Hogail pointed out that the number of beneficiaries of housing support programs has exceeded one million, which reflects the magnitude of the positive and profound impact of these efforts on Saudi society.
These statements reflect the praise and appreciation that the program has received from the esteemed Council of Ministers, as Al-Haqil expressed his thanks and appreciation to the wise leadership for the unlimited support that embodies the highest priority that the state gives to the housing sector, as it is a fundamental pillar in comprehensive development and achieving a quality of life for citizens.
Historical background and strategic context
The Housing Program is one of the most important programs for achieving the Kingdom's Vision 2030. It was launched to address historical challenges in the housing sector, namely the difficulty in obtaining suitable financing and the gap between supply and demand. Through this program, the government aimed to transform this challenge into an opportunity by restructuring the sector, strengthening partnerships with the private sector, and providing innovative financing and housing solutions. The "Sakani" platform was launched as the program's executive arm, offering a variety of options including ready-built housing units, units under construction, developed residential land, and subsidized mortgage loans that alleviate the financial burden on citizens.
Economic and social importance and impacts
The significance of this achievement extends far beyond simply providing shelter; it encompasses broad economic and social dimensions. Domestically, the influx of housing projects has revitalized the construction and real estate sectors, creating thousands of jobs and contributing to the growth of non-oil GDP. Furthermore, homeownership strengthens family and social stability, providing citizens with tangible assets that enhance their financial standing. Regionally and internationally, the Kingdom's success in achieving this qualitative leap in the housing sector presents a pioneering model for strategic planning and the implementation of major development programs, reinforcing the Kingdom's attractiveness as a destination for real estate investment.
A promising future and sustainability for the sector
Minister Al-Hogail affirmed that this recognition from the Council of Ministers serves as a strong incentive for the housing sector to continue its progress and develop further initiatives and solutions that meet the aspirations of citizens across the Kingdom. He explained that work is ongoing to diversify housing and financing options, adopt modern construction technologies, and establish regulatory frameworks that ensure the sector's sustainability and growth, in line with the ambitious goals of Vision 2030 and solidify the housing sector's position as a key driver of national development.
