Saudi crown prince allocates land for building new homes for nationals

20mln square meters of land north of Riyadh set for building 53,000 units

  
Saudi Crown Prince Mohammed Bin Salman speaks during televised interview in Riyadh, Saudi Arabia, April 27, 2021. Picture taken April 27, 2021. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS

Saudi Crown Prince Mohammed Bin Salman speaks during televised interview in Riyadh, Saudi Arabia, April 27, 2021. Picture taken April 27, 2021. Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERS

Saudi Arabia’s Crown Prince Mohammed bin Salman has directed 20 million square meters of land in the north of Riyadh to be allocated for building new homes for nationals.

The ownership of the land will be transferred to the Ministry of Municipal, Rural Affairs and Housing, and is part of a drive to improve the housing sector and help families, Saudi Press Agency reported on Sunday.

The allocation aims to increase the residential area of ​​Al-Jawan suburb from 10 million square meters to 30 million square meters. Up to 53,000 housing units will be built through integrated projects, facilities and services in partnership with the private sector. This is in addition to the 20,000 housing units that have already been announced.

Saudi home ownership has risen from 47 percent to 60 percent in the last four years on the back of government support. Under the Vision 2030, the target figure is 70 percent.

“The additional lands allocated to the housing sector north of Riyadh will provide more than 53,000 various housing units that real estate developers will work on, taking into account the quality of services that meet the aspirations of citizens,” the statement said.

(Writing by Brinda Darasha; editing by Daniel Luiz)

brinda.darasha@refinitiv.com

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© ZAWYA 2021

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