{"id":87987,"date":"2024-07-21T00:00:00","date_gmt":"2024-07-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/21\/home-ownership-is-on-the-rise\/"},"modified":"2024-07-21T00:00:00","modified_gmt":"2024-07-21T00:00:00","slug":"home-ownership-is-on-the-rise","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/07\/21\/home-ownership-is-on-the-rise\/","title":{"rendered":"Home ownership is on the rise"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The percentage of Saudi households that own a home in the Kingdom hit 63.75% last <\/strong><strong>year<\/strong>, beating the government\u2019s target of 63% for the year, according to the Housing Program\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/1506.pdf\" style=\"\" rel=\"noopener\">annual report (pdf)<\/a>. The share of Saudi families owning homes is up 16.7 percentage points from 2016 \u2014 the year that marks the start of the Kingdom\u2019s economic diversification strategy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.) <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Bringing it closer to 2030 targets:<\/strong> This puts homeownership closer to the 70% target for 2030, according to the report.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some snapshots:<\/strong> <\/p>\n<ul>\n<li>Over 96k families were provided with financial assistance to buy homes under the government\u2019s housing initiative Sakani;<\/li>\n<li>Over 20k families benefited from ownership options under the developmental housing program;<\/li>\n<li>Some 10.9k signed contracts for off-plan site sales;<\/li>\n<li>Refinancing in real estate financing portfolios has reached SAR 36.5 bn by the end of 2023 across 87 portfolios;<\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How the gov\u2019t is doing it: <\/strong>The government <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/3b9bbf2a-2d55-4062-ac1d-9878060846b5\" style=\"\" rel=\"noopener\">has rolled out<\/a> several initiatives, including the Housing Ministry\u2019s Sakani program, zero-interest mortgages from the Real Estate Development Fund, and a lower tax of 5% on real estate sales, and a 2.5% tax on undeveloped land. PIF-owned Saudi Real Estate Refinance Company has acquired mortgages worth c. SAR 26.7 bn, representing 5% of local banks\u2019 mortgage lending book.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Lots of pressure on developers: <\/strong>Developers need to ramp up supply to meet growing demand, as the country\u2019s population is on track to grow, with the share of expats rising to 50% from a current 42% by 2030, according to a <a target=\"_blank\" href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/3b9bbf2a-2d55-4062-ac1d-9878060846b5\" style=\"\" rel=\"noopener\">recent report<\/a> by S&P Global. Riyadh is poised to see the fastest population growth, putting more pressure on the capital\u2019s already-tight real estate market, where \u201cnew supply will likely not meet the incremental demand.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The percentage of Saudi households owning homes is up 16.7 percentage points from 2016<\/p>\n","protected":false},"author":1,"featured_media":87988,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2574],"tags":[10,1210,106,344],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87987","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-enterpriseam-ksa","tag-mortgage","tag-real-estate","tag-regulation-watch","wpautop","entry"],"acf":{"mongo_id":"3c96e35e-4f5b-4db4-9be3-7041a2b200dc","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/1546.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Home ownership is on the rise in Saudi Arabia, beating a target set by the government for 2023","related_issue":[87972],"teaser":"The percentage of Saudi households owning homes is up 16.7 percentage points from 2016","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.5e274636-bc9e-41be-a184-e2680e5772a5.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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