Saudi housing ministry targets 300,000 units with private sector over 5 years: Al Hogail

Minister of Municipal and Rural Affairs and Housing Majed Al Hogail

Saudi Arabia will build 300,000 housing units over the next five years in partnership with the private sector, said Minister of Municipal and Rural Affairs and Housing Majed Al Hogail.

Out of these planned units, a total of 147,000 will be in Riyadh, he added.

In his speech at the Saudi Budget 2022 Forum today, Dec. 13, Al Hogail said that the Sakani program supported 210,000 local families this year, of which 166,000 families moved to their houses.

Sakani has provided services to over 1.1 million families, he added.

Saudi Arabia’s mortgages market reached a state of maturity, as it provides services for more than 800,000 persons. In addition, finance rate dropped from 7.6% in 2019 to 4.5% currently, adjusted for banks’ net interest margins, which also declined to 1.62% currently compared to 3.92% previously and best international levels of 1.5%.