The Saudi Crown Prince, Prince Muhammad bin Salman bin Abdulaziz, directed the allocation of new residential lands with an area of 20 million square meters north of the city of Riyadh and the transfer of full ownership to the Ministry of Municipal and Rural Affairs and Housing, as part of the interest in the housing sector in a way that contributes to strengthening the stability of families and raising The percentage of housing ownership.
This allocation aims to increase the area of Al-Jawan Residential Suburb from 10 million square meters to 30 million square meters by two times, and to implement additional housing units of up to 53 thousand housing units through integrated projects. Services in partnership with the private sector are added to 20 thousand housing units that have already been announced.
The decision aims to support the housing sector, which contributed to raising the percentage of Saudi families’ ownership of the first home from 47% to 60% within four years until 2020, as various solutions and facilities in the sector contributed to the support of the real estate supply and the enactment of regulations and legislation to achieve this The percentage by the end of last year 2020, in an effort to implement the objectives of the housing program – one of the Kingdom’s Vision 2030 programs – to reach 70% by 2030.
The additional spaces allocated to the housing sector north of Riyadh allow the provision of more than 53 thousand different housing units that real estate developers work to implement, taking into account the quality of life that meets the aspirations of citizens, and in line with the development plans of the capital Riyadh in terms of economic, social, cultural and urban aspects, and leads to raising The level of services and facilities related to the citizen’s life, as this step is expected to enable more Saudi families to own homes, and to provide more investment opportunities to enhance the participation of the private sector, in line with the growth of the city of Riyadh and its targeting to reach one of the 10 largest economic cities in the world And increase its population from 15 to 20 million by the year 2030.
The Minister of Municipal, Rural Affairs and Housing, Majed Al-Hogail, said that the sector contributes more than 115 billion riyals to the GDP, and provides about 40 thousand direct and indirect jobs The city of Riyadh constitutes approximately 50% of the non-oil economy in the Kingdom, and the cost of developing infrastructure and real estate development is 29% less than the rest of the cities, which would contribute to accelerating the pumping of oil Development projects in various sectors and fields, including the housing sector, which is one of the most important sectors affecting the economy and the most vital and attracting investors. This includes more than 20 integrated and government-supported projects, in addition to other projects at the level of the housing market in light of a balanced and sustainable environment and the availability of many systems and legislations that support and stimulate active participation in this sector.