The Saudi Housing Ministry has announced plans to increase its real estate finance to SR 502 billion before 2020 as part of its comprehensive plan to provide housing to Saudi citizens. The Ministry is also seeking to create 1.2 million housing units across the Kingdom before 2030. Housing Minister Majid Al-Hawail announced the plan last Wednesday while speaking at a conference on finance and housing. "We are working to provide mortgage finance so that citizens can own homes. The vision of the Kingdom of Saudi Arabia 2030 calls for the Kingdom's need for affordable housing, and the Saudi government is doing its best to raise the proportion of households to 70% by 2030." In time, where only 47% of Saudis own homes. More than a third of Saudi citizens are now under the age of 15 and more than half are under the age of 25, which means the need for a regular housing plan in the coming years. Khalid Al Amoudi, General Supervisor of the Real Estate Development Fund, announced the transfer of the fund to a financial institution to support the housing sector.
Increase the real estate finance to 502 billion riyals