Riyadh - Mubasher: The Ministry of Municipalities and Housing revealed that it is continuing its tireless efforts to develop the housing sector and upgrade the real estate services system in various regions of the Kingdom.

The ministry explained that the housing sector witnessed a remarkable growth in the housing supply and an increase in ownership rates during the year 2024, which contributes to achieving the goals of the housing program within the Kingdom's Vision 2030, according to what was reported by the Saudi Press Agency "SPA", today, Wednesday.

She pointed out that more than 117,000 Saudi families benefited from the solutions and options of the Sakani Program during the past year, including more than 93,000 families who lived in their homes, with a growth rate of 9% compared to 2023.

The total number of families benefiting from units under construction exceeded 17 thousand families, ready units exceeded 44 thousand families, development housing exceeded 21 thousand families, while other housing options benefited more than 35 thousand families.

The Ministry affirmed its continued efforts to provide diverse housing options and solutions that suit the needs of Saudi families, and to develop residential communities and suburbs with integrated services, in addition to facilitating procedures for obtaining financing, and strengthening partnerships with the private sector.

She pointed out that about 70,000 new housing units were offered in 163 projects during 2024, bringing the total offered to more than 200,000 housing units within integrated residential complexes with facilities and services through the executive and investment arm "NHC".

The number of residential units delivered reached about 23,000 in 2024, with a growth rate of 33% compared to 2023.

She also pointed out the continuation of projects to establish and develop residential suburbs, as the year 2024 witnessed the launch of the "Makkah Gate" destinations in the Makkah Al-Mukarramah region and the "Sunset Destination" in Madinah, bringing the total number of suburbs and residential communities developed by "NHC" to 17 residential destinations.

The Ministry of Municipalities and Housing indicated that the development housing sector witnessed growth during the current year, as the total number of Saudi families that owned their homes within the development housing program during the year 2024 reached more than 21,000 families in various regions of the Kingdom.

She pointed out that the total supported financing contracts for beneficiaries of the Sakani Program for the year 2024 amounted to about 93 thousand financing contracts, with a growth rate of about 15% compared to the previous year.

Support was deposited to the program beneficiaries through the Real Estate Development Fund with a total value of more than 11.9 billion Saudi riyals, bringing the total number of supported housing financing contracts since the beginning of the program to more than 778 thousand financing contracts.

The White Land Tax Program recorded a growth in real estate supply of more than 160 million m2 in various regions of the Kingdom, as the areas of land developed exceeded 75 million m2, while the areas of land under development amounted to more than 48 million m2.

Part of the fee revenues were allocated to developing the infrastructure of residential projects, with more than 2.7 billion riyals spent on developing and preparing the infrastructure in more than 100 residential projects until the end of 2024.