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Al Hogail also stated that the government will team up with the private sector to secure more than 140,000 housing units with an average price of less than SAR 850,000 in all major cities Majid Al Hogail, Saudi Minister of Municipalities and Housing, unveiled plans to deliver 20,000 housing units in 2025 at prices less than SAR 450,000. Al Hogail also stated that the government will team up with the private sector to secure more than 140,000 housing units with an average price of less than SAR 850,000 in all major cities. His remarks came during the Real Estate Future Forum (RFF), which is taking place at the Four Seasons Hotel in Riyadh under the theme ‘Future for Humanity: Shaping Dreams into Reality’. The minister indicated that the rate of home ownership exceeded 64% by the end of 2024, supporting the goals of Saudi Vision 2030. He outlined the pivotal role of real estate and municipal activities in driving economic growth through technology and shaping a sustainable future for the Kingdom. “Real estate activities contributed 6.49% to the GDP in the third quarter (Q3) of 2024, reflecting a 14% increase compared to 2023,” the minister noted. He added: “Meanwhile, construction and building activities contributed 5.64%, showing a 7% increase. Experts estimate that municipal activities will contribute 14% by the end of 2024.” |
