Crown Prince directs to double housing projects in northern Riyadh

riyadh housing crown prince projects
Saudi Arabia

Crown Prince directs to double housing projects in northern Riyadh

Saudi Gazette report RIYADH — Crown Prince Muhammad Bin Salman, deputy premier and minister of defense, issued directives to double housing projects in the north of Riyadh by allocating new residential land plots on a total area of 20 million square meters and transferring their full ownership to the Ministry of Municipal, Rural Affairs and Housing. The move aims at building 53,000 new residential units, as part of the Crown Prince’s focus on the housing sector and raising the rate of home ownership by nationals. The directive comes in support of the local housing sector, which raised the rate of home ownership among Saudi households to 60% in 2020 from 47% in 2017. The additional areas allocated for the housing sector in northern Riyadh will provide more than 53,000 residential units, which will be built by real estate developers, in line with the Riyadh’s development plans and the city’s growth strategy to become one of the world's ten largest city economies. This allocation aims to increase the residential area of Al-Jawan suburb from 10 million square meters to 30 million square meters as well as to build additional fully served housing units up to 53,000 units in partnership with the

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