Saudi Arabia plans to invest nearly 4.8 billion riyals ($1.28 billion) into housing projects in 2025. This initiative supports the Kingdom’s ongoing efforts to increase housing supply for its citizens. The new projects will include 16,000 houses, apartments, and villas across various regions of Saudi Arabia. These projects align with the Kingdom’s Vision 2030, aiming to achieve greater economic diversification and social stability.
Real Estate Sector Expands
At the opening of Cityscape Global 2024, Minister of Municipalities and Housing Majid Al-Hogail highlighted significant growth in Saudi Arabia’s real estate sector. He announced that over 100 local developers and 69 international developers are participating this year. This increase in participation reflects a continuous rise in real estate transactions, which have surpassed SR630 billion since the start of the year.
Real Estate Projects and Future Goals
Al-Hogail revealed new strategic projects and agreements totaling over SR180 billion. This represents a 50% growth compared to last year. These developments illustrate the rapid expansion of the Saudi real estate market, spurred by strong government support. The Kingdom’s leadership has fostered a sustainable investment environment, propelling the sector forward.
Saudi Arabia also plans to expand its real estate financing market to SR1.3 trillion by 2030. This will involve both local and international financing channels. The Saudi Real Estate Refinance Company has already bolstered liquidity, increasing long-term financing options for property portfolios. By the end of this year, the total refinancing will amount to SR37 billion.
Advancements in Real Estate Regulations
The Saudi government has introduced more than 20 new policies to regulate the real estate market. Additionally, over 60,000 real estate agents have been certified, ensuring a transparent and efficient market. Cityscape Global 2024 has attracted over 150 investors from 22 countries, underlining the growing global interest in Saudi real estate.
Saudi Arabia’s housing and real estate sectors are experiencing a period of rapid growth. With strategic investments and regulatory reforms, the Kingdom is positioning itself as a global leader in real estate development. The upcoming housing projects and continued investment in the sector will help meet the demands of Saudi citizens and strengthen the economy.
