Saudi market adds 200,000 housing units annually: Al-Hogail

Minister of Municipalities and Housing Majed Al Hogail on the sidelines of Cityscape Global 

The average number of housing units entering the Saudi market is 200,000 annually, and may increase to 300,000 units, Minister of Municipalities and Housing Majed Al Hogail told Al-Arabiya TV on the sidelines of Cityscape Global 2024 in Riyadh.

The National Housing Co. (NHC) and its partners have provided more than 68,000 housing units so far, with prices starting from SAR 350,000 he added.

Al-Hogail also pointed to the increase in options offered by local and international developers in the real estate market, noting that local banks have also begun to offer competitive rates to citizens.

He stated that housing projects aim to achieve the goals of Vision 2030 by increasing the percentage of Saudis owning homes to 70%, indicating that all targets of Vision 2030 have been surpassed.