JEDDAH: More than 40,000 Saudi families are set to gain access to new homes under a tripartite agreement aimed at expanding ownership and stabilizing the real estate market.
The Real Estate Development Fund, National Housing Co., and Saudi National Bank signed the deal in Riyadh under the patronage of Housing Minister Majid Al-Hogail.
The agreement covers 24 residential projects across the Kingdom, with financing options starting from 2.99 percent, and was signed in the presence of REDF CEO Loay Al-Nahidh, NHC CEO Mohammed Al-Bati, and SNB CEO Tareq Al-Sadhan.
The deal is part of efforts to stabilize the real estate market, expand partnerships, and diversify financing, providing off-plan housing beneficiaries with broader options aligned with Vision 2030’s Housing Program.
“The agreement reflects the state’s commitment to providing suitable housing for Saudi families and enhances balance in the real estate market with diverse financing options, in support of the goals of the Housing Program and Saudi Vision 2030,” said Al-Hogail in a post on his official X account.
“The collaboration marks a new stage in its partnerships with developers and financiers, accelerating homeownership through innovative financing solutions that strengthen market stability and broaden access to housing,” the REDF said.
The fund’s existing support programs include non-refundable down payment assistance of up to SR150,000 ($40,000), the “Your Support Equals Your Installment” scheme, and in-kind subsidies to help families buy off-plan units.
“This partnership is part of the bank’s commitment to supporting the Housing Program — one of the programs of Saudi Vision 2030, and enhancing the stability of the real estate market by offering diverse and innovative financing options,” the Saudi National Bank said in a statement on X.
Coinciding with the cooperation announcement, NHC launched sales for two new residential projects in Madinah and Riyadh, offering over 3,000 units in total.
Saudi Arabia’s homeownership rate reached 63.74 percent by the end of 2023, up 16.7 percent since 2016. The figure slightly exceeded the Housing Program’s target of 63 percent for the year, reflecting steady progress toward the Vision 2030 goal of 70 percent by the end of the decade.
This was followed by a 2.7 percent increase in housing units occupied by Saudi households, which reached 4.4 million in 2024, accounting for 50.6 percent of total units, according to the General Authority for Statistics. These housed 21.69 million people, with an average Saudi household size of 4.9.
