Since its inception in 2018, the Saudi Housing Program has remained one of the key pillars supporting Vision 2030. By the end of 2024, more than 850,000 housing units had been delivered, pushing homeownership among Saudi households to 65.4%, exceeding the annual target of 64%. This target is expected to rise to 70% by 2030.

Both private, public, and non-profit actors have helped surpass that target. Their combined contributions beat expectations, generating USD 2.2 billion in 2024 against a target of USD 1.7 billion, according to the Housing Program’s annual report for 2024. 

“This reflects the agility of the housing ecosystem in responding to the Vision’s ambitions and its role in advancing the housing sector,” the report noted. “Nevertheless, achieving this indicator remains closely tied to the real estate environment and the potential shifts and challenges that may occur within the market.” 

Overall, the rising homeownership rate and expanding investment base underscored the kingdom’s ongoing progress in providing suitable, high-quality housing for its citizens – an essential milestone in realising the broader ambitions of Vision 2030. 

The annual report notes that 1.3 million Saudi families benefitted from the “Sakani” initiative by the end of 2024. In addition, more than 850,000 residential land plots have been offered for housing cumula- tively until 2024, while 122,000 Saudi families benefitted from housing support services during the same year. In addition, more than 759,000 low-income families have obtained housing financing, while the volume of new residential mortgage financing provided to individuals by banks in 2024 stood at SAR 91 billion

HOUSING PROSPECTS

The country’s real estate market is on a steady uptrend, rising from USD 68.52 billion in 2024 to a projected USD 111.77 billion by 2030, an 8.86% compounded annual growth rate.

“Programs such as Sakani have encouraged developers towards cost-efficient formats, including modular and prefeb," according to Chestertons, a real estate market consultancy. “The ministry notes more than 11,000 development projects across 300+ municipalities, with the strongest traction in Riyadh, Jeddah and Dammam.”

NEW FOREIGN OWNERSHIP LAW

The kingdom introduced the updated Law of Real Estate Ownership by Non-Saudis, which is expected to provide individuals and companies, both within and outside the country, with the opportunity to own and invest in one of the region's most promising real estate markets.

The law, set to come into effect in 2026, is anticipated to further uplift the sector, attract substantial foreign direct investment, and unlock new avenues for development and economic diversification across the country.

“Over the past five years, more than 20 real estate legislations have been issued to govern the real estate sector, protect the rights of all parties involved, and stimulate local and international investment,” according to the Real Estate General Authority (REGA). 

The updated Law of Real Estate Ownership by Non-Saudis represents a well-considered regulatory step to achieve its investment objectives. 

“Non-Saudis” include those without Saudi citizenship, in addition to foreign legal entities, foreign companies, non-profit organisations, and other foreign entities.

The new law aims to attract foreign direct investment (FDI) into the Saudi real estate market, retain global talent and skilled professionals by facilitating their stability in the kingdom. It also aims to boost the real estate sector’s contribution to national gross domestic product, and promote sustainable economic growth and income diversification.

“The law adopts a designated-zone model for foreign real estate ownership,” according to law firm White & Case. The Council of Ministers, in coordination with the REGA and other bodies, will identify specific geographic zones where non-Saudis are permitted to acquire property or property rights.

The move comes as the Saudi capital is in the midst of strong acceleration. In Riyadh, demand for residential properties is projected to remain robust, supported by population growth, economic expansion, and government initiatives promoting homeownership

Much of the upcoming supply is being delivered through large-scale, master-planned communities that emphasise integrated “community living” over standalone developments – a trend that continues to shape urban planning in the capital. Developers are expected to respond by expanding apartment offerings that include enhanced facilities such as gyms, recreational areas, and ample parking, further elevating the standard of modern urban living in Riyadh, according to Jones Lang LaSalle, a real estate consultancy.

Looking ahead, the success of new developments across the country will be bolstered by amenity-rich environments that provide diverse community and recreational spaces, green areas, and parks.