8 in 10 Saudis are expected to own a home within a decade, according to the country’s government.
Homeownership remains a crucial issue in many countries around the world, from the UK to the US. In Saudi Arabia, though, bold steps are being taken to solve the shortage in supply: the kingdom’s Ministry of Housing has said that it plans to build 1 million residential units within the next 10 years.
“The ministry’s 10-year plan includes mobilizing the private housing industry, updating the ministry’s hierarchy and job descriptions. The ministry aims to develop from simply providing and building housing units to legislating, monitoring, researching and developing the housing industry,” a source fom the ministry told The Saudi Gazette .
“The ministry aims to empower the citizens and facilitate the process of housing to the consumers and the private companies. The ministry also aims to set a common criteria for construction plans as private companies must have the ministry’s license and approval before commencing any construction projects.”
The funding and regulation of the projects would be taken on by the ministry, while construction and selling would likely be left to the private sector. If the units are successfully built
There is certainly no shortage of demand: theere are reportedly 754,570 Saudi families on the waiting list for housing.
If the properties are built, 80 per cent of Saudis will have their own home by 2024.