Saudi home ownership reaches 63.7% in 2023

Saudi home ownership rate reached 63.7% at the end of 2023, an increase of 16.7 percentage point from 2016, the 2023 Housing Program report showed.

The report cited several achievements of the program for 2023. More than 96,000 families benefited from housing support in 2023 through the Housing Program's contribution to covering housing costs.

More than 20,000 families were served through the ownership approaches via developmental housing.

The number of signed contracts for the Ministry of Municipal and Rural Affairs and Housing's land product exceeded 26,000, including 11,000 contracts in the fourth quarter of 2023, aimed at improving housing affordability.

The Etmam program approved over 800 plans and issued more than 3,000 building permits.

In addition, 10,000 housing units were provided for beneficiaries of developmental housing.

The number of signed contracts for the off-plan sales product reached 10,900 contracts.

The number of mortgage finance contracts for beneficiaries of the housing program exceeded 69,000 contracts.

The number of housing units delivered to housing support beneficiaries for the off-plan sales product exceeded 17,000 units. 1,747 mortgage finance guarantees were issued to housing support beneficiaries.

The volume of mortgage refinancing in financing portfolios reached 36.5 billion riyals by the end of the fourth quarter of 2023, covering about 87 portfolios.