Saudi prepares to handover 120,000 homes to citizens

Saudi Arabia’s Ministry of Housing has launched the first phase of its ‘my house’ programme designed to meet demand for homes.

Saudi Gazette reports that 120,000 housing units will be given to citizens across the kingdom based on income level and the number of family members.

Read: Saudi Arabia says to provide housing to 100,000 poorer families

The distribution of units will begin next month and will be completed within three years.

During this time, 75,000 residential plots will also be handed over to citizens for construction in several cities and financial support will be provided to 85,000 citizens through a partnership between the Real Estate Development fund, banks and financial institutions.

Housing minister Majed Al-Hogail said that the units would address housing demand in the kingdom.

Investment in the 280,000 residential and financing products has reached SAR119.5bn and they will inject SAr562bn into the economy and generate 47,820 jobs, he added.

Under economic reforms announced in 2016, Saudi Arabia aims to build 1.5 million homes in the next seven or eight years.

Read: Saudi prepares rules for real estate funds amid housing push

The country’s Vision 2030 plan aims to increase the percentage of home owners among Saudi citizens to 52 per cent by 2020 from 47 per cent today.