Home / Blog / A Saudi Housing Boom?

A Saudi Housing Boom?

News

It’s no secret that Saudi has been experiencing a housing deficit. The rate of homeownership in the kingdom was around 50% as of 2019, but with two-thirds of the population under the age of 35, the demand for housing is spiking.

The Housing Delivery Program, an initiative under Saudi Vision 2030, has stated that the aim is to achieve 70% homeownership within the Kingdom by 2030. In order to achieve this figure, it’s essential to quickly increase the supply of affordable housing.

The key to achieving this is the Sakani program. The initiative by the Ministry of Housing, along with the support of private industry, has been tasked with not only increasing the number of homes and the speed of construction but also improving the quality of housing and incorporating modern construction techniques.

The program provides Saudi nationals with access to residential plots, self-build plots, prefabricated housing, and units currently under construction. Its digital platforms provide details of the location, prices, and features of residential units available across the country, with users able to reserve a property on the platform.

As a result of the work by the Sakani program, homeownership during the first quarter of 2020 grew sharply among Saudi nationals, thanks in part to new developments and a variety of mortgage products that have been developed over the past few years. The aim is to get the rate of homeownership towards 60% by the end of this year.

It is expected that during 2020, despite difficulties posed by the Covid-19 pandemic, the Sakani program will assist 300,000 families through its many housing solutions. This includes 130,000 families moving into new homes, the exchange of 90,000 plots of residential land, and the completion of over 100,000 brand new homes in partnership with the country’s real estate developers.

So far in 2020, there are over 82 housing projects under construction across Saudi Arabia, which will result in over 130,000 affordable homes that range between $66,670 – $220,000.

A number of developments are underway in Riyadh, where 23,000 new units are under construction. The Murcia project, which is located in the north of Riyadh is gaining attention due to its strategic position next to major roads and in the suburb of Al-Jawan. The project has just launched Phase 2 called ‘Nasaj Town’ which will create 690 residential villas, with numerous public facilities, green spaces, and gardens.

The overall Murcia project will encompass 5 square km, providing 9,000 housing units that will accommodate around 50,000 people.

Exciting times ahead for Saudi’s residential construction sector.

Water services

Quiet Pipes: How Water Hammer Arrestors Can Stop Noisy Plumbing

News

The Top Building Materials Supplier in Saudi Arabia

News

Should You Choose Local Expertise Or MNC Construction Companies in Saudi Arabia?

News

Is it time for saudi arabia to embrace green construction?

News

Red Sea Project Update

News

Saudi Arabia’s Construction Sector Embraces Diversity

News

3D Printing Technology Accelerates Construction Work in Saudi Arabia

News

Saudi’s hotel sector growing at pace

News

Saudi Contractors Authority set to launch Construction Standard Agreements

News

Pioneer Spirit: The Line at the cutting edge of city living

News

5 reasons for optimism in the saudi construction sector

News

Construction on Red Sea Project’s Construction Village Begins

/
Prev
/
Next

Contact Us

Submit

Thank you!
Email Sent Successfully

Dear Valued Customer
Thank you for choosing Eportal payment method.
Please enter invoice number.
Error, this field is required.
The invoice number you entered doesn't exist. Please enter the correct invoice number.
Email address is invalid.
Submit
Your Sadad Bill ID
Your Sadad Bill ID also has been sent on your email.