Saudi Arabia to Deliver 40,000 New Homes Under Landmark Housing Agreement
- brg_news_room
- 2 days ago
- 1 min read
SAUDI ARABIA: Over 40,000 Saudi families are set to receive new homes following a tripartite agreement signed in Riyadh between the Real Estate Development Fund (REDF), National Housing Co. (NHC), and Saudi National Bank (SNB). The deal, signed under the patronage of Housing Minister Majid Al-Hogail, covers 24 residential projects across the Kingdom with financing rates starting at 2.99 percent.
The agreement reflects the state’s commitment to expanding homeownership and balancing the real estate market in line with Vision 2030’s Housing Program. REDF noted that the partnership with developers and financiers aims to accelerate home purchases through diversified financing solutions, including down payment support of up to SR150,000 (US$40,000) and subsidies for off-plan units.
Alongside the announcement, NHC opened sales for two new residential projects in Madinah and Riyadh, adding over 3,000 units. Saudi Arabia’s homeownership rate reached 63.74 percent by the end of 2023 — surpassing its annual target — and the number of housing units occupied by Saudi households climbed 2.7 percent in 2024 to 4.4 million, according to the General Authority for Statistics.
Source: Arab news
