Page 37 - Logic Consulting Report - September 2023

plans to draw on its 25 years of expertise in the region offering consulting services
across a variety of industries, including both government sector and private enterprises

in the MENA region. The objective is to establish the company as a reliable and
authoritative source for consultations and tailored solutions aimed at enhancing the

long-term sustainability of clients’ enterprises.

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.

https://gulfconstructiononline.com/ArticleTA/413562