Riyadh, Saudi Arabia — Saudi Arabia’s real estate sector will contribute close to nine percent to the national gross domestic product by 2030, according to the kingdom’s Minister of Housing, Majid Al-Hogail. He told the Real Estate Future Forum in February that kingdom’s residential real estate finance is expected to exceed 1.2 million contracts with a value of SR600 billion ($162 billion) by 2030.
In its pursuit to raise the percentage of home ownership to 70 percent by 2030, Saudi Arabia’s Real Estate Development Fund last December launched a program to provide short- and medium-term financial facilities to real estate finance companies, which will in turn facilitate the kingdom’s initiative to provide affordable housing to its residents.
In a groundbreaking move, Saudi Arabia has unveiled the MENA region’s inaugural real estate stock exchange, marking a transformative moment for property trade in the Kingdom.
The exchange isn’t just a platform for buying and selling real estate. It promises a comprehensive suite of services, from mortgage and real estate financing to bond issuance.
Driven by these measures and a strong economic growth, the sector continued to thrive in the second quarter of this year: