The Crown Prince, Deputy Prime Minister and Minister of Defense, Prince Mohammed bin Salman, has directed the allocation of new residential lands with an area of 20 million square meters north of the city of Riyadh, and the transfer of its full ownership to the Ministry of Municipal and Rural Affairs and Housing. This allocation aims to increase the residential area of Al-Jawan from 10 million square meters to 30 million square meters, twice as much, and to implement additional housing units of up to 53 thousand housing units through integrated projects, facilities and services, in partnership with the private sector, to be added to 20 A thousand housing units have already been announced.Increase the housing ratio
The crown prince’s directive came as an extension of his continuous support and interest in the housing sector, which contributed to raising the percentage of Saudi families owning the first home from 47% to 60% within four years until 2020, as various solutions and facilities in the sector contributed, supported the real estate supply, and enacted regulations and legislation. The tributary to achieving this percentage at the end of last year, and in implementation of its directives and the objectives of the housing program – one of the Kingdom’s Vision 2030 programs – to reach 70% by 2030.
53 thousand various housing units
The additional spaces allocated to the housing sector north of Riyadh allow the provision of more than 53 thousand various housing units, which are being implemented by real estate developers, taking into account the quality of life that meets the aspirations of citizens, and in line with the development plans for the capital (Riyadh) in terms of economic, social, cultural and To raise the level of services and facilities related to the citizen’s life, as this step is expected to enable more Saudi families to own homes, and to provide more investment opportunities, to enhance the participation of the private sector, in line with the growth of the city of Riyadh, and its targeting to reach one of the top 10 Economic cities in the world, and increase their population between 15 and 20 million people by 2030.
For his part, the Minister of Municipal, Rural Affairs and Housing, Majed Al-Hogail, stated that all that has been achieved of positive results is the result of diligent follow-up and sound directions of the Crown Prince, who is the main supporter of the development of the sector, and the development of innovative solutions that support its advancement and service to all its parties, in addition to the contribution The sector generates more than 115 billion riyals in GDP, providing about 40,000 direct and indirect jobs.
The city of Riyadh constitutes approximately 50% of the non-oil economy in the Kingdom, and the cost of developing infrastructure and real estate development is 29% less than other cities, which would contribute to accelerating the injection of development projects in its various sectors and fields, including the housing sector, which It is one of the most important sectors affecting the economy, and the most vital and attractive to investors.
The capital, Riyadh, is witnessing rapid growth during the past two years at the level of the housing sector, represented by the increasing infusion of various housing projects, including more than 20 integrated and government-supported projects, as well as other projects at the housing market level, in light of a balanced and sustainable environment, and the availability of many systems. And legislation that stimulates and stimulates effective participation in this sector.
Increasing residential land north of Riyadh
– 20 million square meters of new residential land area
Completely transferring its ownership to the Ministry of Municipal and Rural Affairs and Housing
Increasing the residential area of Al-Jawan from 10 million square meters to 30 million square meters by two times
Implementing additional housing units of up to 53,000 housing units through integrated projects, utilities and services
These units are added to 20,000 previously announced housing units