Saudi Arabia will build 70,000 new housing units in Riyadh, with prices starting at $66,000. Housing Minister Majed Al-Hogail made the announcement on Monday, underlining the government’s push to provide more affordable homes.
Project factsheet
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Number of units: 70,000
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Starting price: SAR 250,000 ($66,000)
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Target: Boost homeownership, support low-income families
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Backed by: Vision 2030 initiative
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Funding support: SAR 1 billion donation by Crown Prince Mohammed bin Salman
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Planned delivery: From 2025 onwards
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Location: Various parts of Riyadh
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Key priority: Affordability and job creation
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Next goal: Reach 70% homeownership by 2030
Al-Hogail shared the news at a joint press briefing with Media Minister Salman Al-Dosary. He said the move aims to help more Saudis own homes and support those in need.
He also praised the Crown Prince’s SAR 1 billion donation, calling it a strong message that the government is serious about the housing sector.
According to the minister, the homeownership rate rose to 65.4% in 2024, up from 47% in 2016. This achievement beat their target one year early.
To make homes more accessible, the ministry introduced 11 new financial solutions. It also improved support programmes to make them fairer and easier to use.
So far, over 850,000 families have become homeowners. The next milestone is to hit 70% ownership by 2030.
He said that more than 50,000 homes have already been given to the neediest families. Out of these, 43,000 families now own their houses.
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Economic boost linked to new housing units in Riyadh
Al-Hogail stressed that prices will stay affordable, especially in Riyadh. He also noted the plan’s role in creating local jobs and boosting the economy.
Currently, the housing and municipal sectors contribute 14% of Saudi Arabia’s GDP. These sectors include more than 550 types of activities.
Since the reforms began, over 500,000 jobs have been created, with 318,000 businesses now working under the ministry’s watch. The real estate market has also grown—from SAR 170 billion to SAR 850 billion in 2024.
Foreign investors are also paying attention. Over 16% of total foreign direct investment now goes to real estate and construction. In fact, municipal revenues jumped from SAR 6.3 billion in 2020 to SAR 22 billion in 2024.
Saudi cities are going smarter, too. Six have already earned “smart city” status. The government plans to expand urban identity projects to 12 more cities by year-end.
Al-Dosary, meanwhile, called Vision 2030 a “global model.” He said its achievements are coming faster than expected. He cited successes like AlUla’s international recognition, Saudi hospitals ranking among the world’s best, and the Virtual Health Hospital entering the Guinness World Records.
