Saudi housing sector experiences significant transformations
The housing sector in Saudi Arabia has experienced
significant transformations in recent years, aligning with the ambitious goals
set forth in the Vision 2030 initiative. Aiman Saleh, CEO of the Eskan Program
and Deputy Minister of Housing and Beneficiaries Support at the Ministry of
Municipal and Rural Affairs, highlighted the strategic objectives of the
housing plan during the Real Estate Future Forum in Riyadh.
Emphasizing the program's alignment with Vision 2030, Saleh
outlined its mission to create homeownership opportunities for Saudi families.
He provided insights into the program's three main phases, stating, "The
first, spanning from 2018 to 2020, was named the construction phase, during
which we successfully transitioned from a market focused on contracting
activities to the real estate development industry."
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Concerning the second phase, Saleh remarked, "We are
exploring innovative ways to engage with the private sector, attracting global
developers and ensuring the continued growth of homeownership rates, aiming to
reach a 70 percent homeownership rate by 2030." He detailed the ambitious
targets, aiming to reach 1 million housing units by 2030 through initiatives
from the National Housing Co. and companies like ROSHN.
Saleh also highlighted the Rakaez program launched by the
National Housing Co. on January 22, which focuses on conserving spending,
building a sustainable national economy, and enhancing local capabilities. The
program aims to support local content, localize industries, and achieve
strategic housing program goals.
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Addressing Eskan's adaptive strategies, Saleh stated,
"In each phase, we have a strategy, but these strategies are reviewed and
reconsidered to align with the challenges faced by us and the citizens."
Regarding the impact of the Sakani program, an Eskan initiative, Saleh noted
that over 1.5 million citizens have benefited from it. He also shared
significant statistics, stating, "In terms of real estate contracts,
around 750,000 have been financed, with a total financing amount exceeding
SR650 billion ($173 billion) from financing entities."
Looking ahead, Saleh expressed, "Our aim is to achieve
the necessary maturity that ensures the required sustainability in creating a
balance between supply and demand in the third phase, which we target from 2026
to 2030. This will enable continuity beyond 2030."
Source: Arab News
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