Page 10 - Logic Consulting Report - September 2023

The Ministry has successfully provided 180,000 housing units within a relatively short timeframe. The
ambitious goal of the Ministry is to achieve a homeownership rate of 65% by 2025 and further increase

it to 70% by 2030. It aligns with the objectives of Saudi Vision 2030, which is led by the Custodian of
the Two Holy Mosques and His Highness the Crown Prince. By placing an emphasis on the housing

program, the country established a dedicated program to bolster real estate developers, coupled with

formal agreements designed to effectively manage price fluctuations within acceptable inflationary
parameters. This strategic approach is geared towards sustaining stability in real estate prices and

augmenting the appeal of the real estate sector within the Kingdom as a prime destination for
investment.

The real estate sector in Saudi Arabia has witnessed extensive modernisation and advancement, which
has been steered by a series of programs and initiatives introduced by the country. These measures had

a transformative impact on the housing sector, which encompass the regulation of the real estate
market, expanded access to financing, simplified regulatory procedures, a diversified range of housing

options to meet diverse population needs and a substantial increase in overall housing supply. These
endeavours have laid the foundation for realising a pivotal goal of Saudi Vision 2030, that is raising

the rate of family homeownership to 70% by the year 2030. Furthermore, these programs have yielded

significant outcomes, effectively addressing demands of the residential market in the Kingdom. They
have also created a multitude of employment and investment prospects and succeeded in drawing

developers and private sector collaborators, all working towards delivering housing solutions that cater
to the diverse needs of individuals throughout the Kingdom.

- Ends -

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