Al-Hogail: Increased Housing Supply Supports Market Stability .. Homeownership Rate Surpasses Target, Reaching 66.2%

Minister of Municipalities and Housing Majed Al-Hogail announced that the Kingdom’s homeownership rate has surpassed its target, reaching 66.2% among Saudi households.

The achievement reflects the success of housing initiatives and programs implemented in recent years to increase access to homeownership and improve housing opportunities for citizens as part of Vision 2030 objectives.

Housing Supply Remains Key to Market Stability

Al-Hogail emphasized that increasing housing supply remains the most important factor in maintaining market stability and balancing supply and demand.

He noted that ongoing residential developments are expanding housing options for buyers and investors while contributing to a healthier and more sustainable real estate market.

According to the minister, recent measures have helped create a more balanced pricing environment, particularly in Riyadh.

Riyadh Seeing Better Price Affordability

The minister explained that housing prices in Riyadh are becoming more aligned with buyers’ purchasing capabilities following recent policy decisions and market reforms.

He added that further opportunities remain to improve affordability and strengthen market balance as additional residential projects enter the market.

These developments are expected to support long-term growth in the housing sector while enhancing accessibility for prospective homeowners.

Artificial Intelligence and Modern Construction Methods

Al-Hogail highlighted the growing role of artificial intelligence in improving government services and accelerating procedures related to housing and real estate.

He also noted that modern construction technologies have significantly shortened project delivery timelines, helping increase housing supply and improve efficiency across the sector.

The adoption of advanced technologies is expected to play an increasingly important role in supporting future housing development and urban growth.

Continued Progress Toward Vision 2030 Goals

The achievement of a 66.2% homeownership rate marks a significant milestone in the Kingdom’s housing strategy and demonstrates continued progress toward Vision 2030 targets.

With ongoing residential projects, expanding housing supply, digital transformation initiatives, and advanced construction technologies, the Kingdom continues to strengthen its housing sector and support sustainable urban development for future generations.