The Ministry of Municipalities and Housing in Saudi Arabia announced new statistics reflecting the success of its ongoing efforts, revealing that 8,761 Saudi families benefited from housing support services during February across various regions of the Kingdom. This initiative is part of the effective "Sakani" program, which primarily aims to empower Saudi families to own suitable housing and raise the homeownership rate to 70%, aligning with the strategic objectives of the Housing Program, a key component of the Kingdom's Vision 2030.
The transformation journey of the Saudi housing sector
Given the historical context, the housing sector in Saudi Arabia has undergone radical transformations since the launch of Vision 2030 in 2016. Prior to this, the sector faced significant challenges, including long waiting periods for support and a shortage of housing supply that met citizens' aspirations. Since the launch of the Sakani program in 2017, the Saudi government has worked to completely restructure the sector, moving away from its traditional role as a project implementer to become a regulator and market facilitator. This strategic shift has resulted in the signing of more than 1,023,653 contracts for Saudi families as of the end of February, reflecting the program's positive cumulative impact in enhancing homeownership opportunities and providing diverse housing and financing solutions.
Riyadh tops the list of beneficiaries of housing support services
In its latest statistics, the Ministry revealed that 6,154 families moved into their first homes during February. It also clarified that the total number of beneficiaries of housing support services from the beginning of the year until the end of February reached 17,188 Saudi families, while 14,160 families moved into their homes during the same period. The daily average of completed contracts, which reached 507 for residential products, reflects an accelerated pace in homeownership procedures. The Riyadh region accounted for the highest percentage of total residential contracts at 19%, followed by the Makkah region at 18%, and then the Eastern Province at 13%, indicating the growing demand for housing and the expanding reach of these services throughout the Kingdom.
The economic and social impact of urban community development
The significance of these achievements extends beyond simply providing housing; they have a broad economic and social impact at both the local and regional levels. Locally, the accelerated pace of construction and development is stimulating economic activity, creating thousands of jobs, and supporting local content by boosting the contracting and building materials sectors. The Ministry noted that the housing system is undergoing a qualitative transformation from simply providing "housing" as an independent unit to developing vibrant and integrated urban communities. These communities offer all necessary services, facilities, and economic opportunities, enhancing the quality of life and increasing the attractiveness of the residential sector for investment. Regionally, the Kingdom is presenting a leading model in addressing housing challenges through effective partnerships with the private sector, real estate developers, and financing entities, making the Saudi real estate market one of the most stable and fastest-growing in the Middle East.
Sustainability of housing supply and diversity of options
The Ministry of Municipalities and Housing affirms its commitment to enhancing the housing supply by offering a comprehensive range of products, including ready-built units, off-plan units within development projects, self-build options, and residential land plots. These solutions, developed in partnership with banks and financing institutions, aim to broaden homeownership and meet the diverse needs of Saudi families, striving to achieve balance in the real estate market and ensure the sustainable growth of the Kingdom's housing sector.
