Saudi home ownership fund hands out $257m in March

Saudi home ownership fund hands out $257m in March

Saudi Arabia’s Real Estate Development Fund provided another SR963 million ($257 million) in housing support in March. This takes the total given since 2017 to increase home ownership in the kingdom to $15 billion, the Saudi government said.  The government is trying to raise home ownership among nationals to 70 percent of the population by […]

Total since 2017 now $15bn

Home ownership now over 60%

Deals down 32% in 2013

Saudi Arabia’s Real Estate Development Fund provided another SR963 million ($257 million) in housing support in March.

This takes the total given since 2017 to increase home ownership in the kingdom to $15 billion, the Saudi government said. 

The government is trying to raise home ownership among nationals to 70 percent of the population by 2030, as part of its economic transformation plans. 

NewsletterGet the Best of AGBI delivered straight to your inbox every week

It is already on the way to making its target, with home ownership put at 61 percent by the end of 2022 in the last official census.

But the mortgage market was sluggish last year, as GDP contracted by 0.8 percent, while interest rates were high. 

Residential real estate deals fell by nearly a third during the first half of 2023. There were