RIYADH, February 5, 2018 – Sixteen government entities, ministries, authorities, and organizations in Riyadh on Monday launched the “Housing Program,” as part of Vision 2030. The program aims to provide housing solutions to Saudi families, with a target of raising home owning rates to 60 per cent by 2020 and 70 per cent by 2030. Through the program, many initiatives that provide comprehensive housing solutions to citizens will be implemented to help each family find a suitable housing solution.
The program translates government directions to help citizens find proper housing and enable them to lead decent lives.
Government entities involved in the program are working together to coordinate their efforts and overcome obstacles to enable citizens to own their first homes. The program offers comprehensive solutions to fulfill the needs of all segments of society by supporting Saudi families and providing many suitable housing solutions thanks to the consolidated efforts of relevant government entities. It also provides mechanisms to oversee these entities and ensure continuous coordination to quickly create suitable solutions that ensure achieving the goal quickly and accurately.
The program also seeks to overcome all obstacles facing implementation of initiatives aiming to enable citizens to own their home.
The program’s aims also include improving the sector through four main pillars: providing suitable housing units with various options and prices that meet the needs of different Saudi families; enabling any citizen with a source of income to receive easy financing options at the lowest possible cost; establishing regulations and legislation that are relevant to the housing sector; and improving the services and facilitating an obstacle-free process of home ownership.
Through the program citizens will be able to own their first housing unit and will strengthen the sector’s data and regulations. This will increase the confidence of the investors in the sector and will make it more appealing to them. It will also encourage the private sector’s participation in financing the housing units at a reasonable cost and will increase the number of developers in the sector, which will lead to having more higher quality options available. The non-profit sector, both individuals and organizations, will also actively participate, which will lead to the financing of projects for the less-fortunate.