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Saudi Arabia surpassed its 2025 homeownership target a year early, with 65.4 percent of families owning homes in 2024, an official report has shown.
According to the Housing Programme’s 2024 annual report, the Kingdom had aimed for 65 percent by 2025, meaning it has already achieved 102 percent of the goal.
The report, titled Facilitating the Journey to Homeownership and Sustainability, noted that the Kingdom now aims to raise the rate to 70 percent by 2030.
Since 2016, the homeownership rate has risen from 47 percent, reflecting the effectiveness of the Housing Programme in supporting Vision 2030 objectives.
In a post on his X handle, Minister of Municipalities and Housing Majed Al-Hogail added: “We are advancing with firm determination to continue achieving milestones within the Housing Programme, in line with Saudi Vision 2030, supporting sustainable urban development and enhancing the quality of life for every Saudi family.”
The minister noted that the program’s success is attributed to housing projects, the provision of accessible financing solutions, innovative housing options, and the development of urban communities.
In 2024, over 122,000 families benefited from housing support, with more than 21,000 eligible families achieving homeownership through developmental housing pathways.
(Writing by N Saeed; Editing by Anoop Menon)
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