Robust realty reforms, easier financing norms drive homebuying in Saudi Arabia

Robust realty reforms, easier financing norms drive homebuying in Saudi Arabia

Plans laid out by Saudi Arabia’s Crown Prince Mohammed bin Salman to boost home ownershipto 70 percent by 2030 have seen a flurry of government incentives, new housing developmentsand a surge in residents and expatriates looking to cast anchor in the Kingdom.

Speaking to Al Arabiya English, experts, real estate companies and prospective homeowners from across the Kingdom highlighted multiple reasons that have led to an increase in demand for home ownership. A range of initiatives – many in collaboration with the private sector – have improved the supply of housing units in the country. In addition, easy access to home finance for Saudifamilies and reformed housing and planning policies have contributed to a rise in home ownership.

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In 2020, Saudi Arabia’s Public Investment Fund (PIF) formed ROSHN Real Estate, tasked to meet the growing demand for housing in Saudi Arabia.

Chaired by the Crown Prince, ROSHN plans to spend tens of billions of pounds to build integrated communities that will be home to more than 2.2 million people by 2030.

Like government-backed property developers in neighbouring UAE, which has multi-billion-dollar realtors such as Nakheel, Emaar and Meraas, ROSHN is