Saudi Arabia’s Crown Prince allocates 20 mln sqm of land north of Riyadh for housing

Saudi Arabia’s Crown Prince allocates 20 mln sqm of land north of Riyadh for housing

Saudi Arabia’s Crown Prince Mohammed bin Salman has directed the allocation of 20 million square meters north of Riyadh for new residential projects, reported Saudi Press Agency.

SPA added that the land will be transferred to the full ownership of the Ministry of Municipal and Rural Affairs and Housing. This allocation is part of the Crown Prince’s plan for housing in a way that contributes to enhancing the stability of families and raising the percentage of homeownership.

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The allocation aims to increase the residential area of al-Jawan suburb from 10 million square meters to 30 million square meters and implement additional housing units of up to 53 thousand housing units through integrated projects, facilities, and services with the private sector.

The directive comes as an extension of the continuous support and attention from the Crown Prince in the housing sector, which contributed to raising the percentage of Saudi families’ ownership of the first home from 47 percent to 60 percent within the last four years.

The additional spaces allocated to the housing sector north of Riyadh will allow the development of more than 53 thousand different housing units that real estate