Saudi Arabia’s Cabinet has approved a groundbreaking decision. This decision allows the Ministry of Municipal and Rural Affairs and Housing to sell residential units to non-beneficiaries. This strategic move aims to boost the flexibility of public asset management.
Abdulrahman Al-Tawil, Deputy Minister for Residential Supply Stimulus and Real Estate Development, emphasized that the decision aims to broaden access to homeownership. He explained that families and individuals who are not beneficiaries of housing support can now buy units in new suburban developments. These projects are managed directly by the ministry. This management ensures transparency and quality.
To prioritize those in need, each project will have an initial four-month exclusive sales period for housing support beneficiaries. After this window, the properties will be available to the general public. This expansion increases access to homeownership for a broader range of citizens.
Real estate experts are optimistic about the decision. Abdulrahman Al-Tawil stated, “Expanding homeownership opportunities is key to boosting housing supply and supporting market balance.” He noted that Riyadh alone currently has over 100,000 housing units available, providing a variety of options for potential homeowners. This move is expected to address housing gaps and stabilize prices.
Real estate appraiser Eng. Ahmed Al-Faqih praised the decision as a step towards market stability. He highlighted that the National Housing Company’s entry into the private market would add competition. This competition will drive developers to enhance quality. “Expanding homeownership opportunities is key to boosting housing supply and supporting market balance,” he reiterated. He emphasized its alignment with Saudi Arabia’s Vision 2030.
Saqr Al-Zahrani, a real estate expert, pointed out that it addresses the issue of unsold inventory and opens doors for underserved citizens. Al-Zahrani believes the policy will generate non-oil revenue and promote long-term project sustainability. “Expanding homeownership opportunities is key to boosting housing supply and supporting market balance,” he added.
Effective execution, supported by clear guidelines and transparency, will be crucial to achieving the policy’s goals. Experts agree that disciplined pricing and strategic oversight are necessary for long-term success. Saudi Arabia’s new housing policy marks a significant step toward expanding homeownership.
