Residential Ownership

Since its inception, the program has focused on setting new standards for developing the housing sector and enabling Saudi families to obtain housing options and various financing solutions that contribute to increasing the percentage of Saudi families who own their first home, and it was announced at the Euromoney Saudi Arabia 2022 conference that the program had achieved tangible successes during the previous stage, the most prominent of which was the increase in the percentage of Saudi families’ home ownership from 47% in 2016 to more than 60%.

It is worthy of pride for the housing program to continue its ambitions during the next stage by harnessing its efforts to raise the percentage of Saudi household ownership to reach 70% by the year 2030, by serving larger segments of society, targeting the neediest groups, and increasing the attractiveness of the sector for investment by the private sector, which ensures the sector’s stability and sustainability.

With regard to housing, the process of owning a house differs from renting. Ownership is a greater commitment for a longer period of time. Therefore, there are a few things that should be taken into account before proceeding to the next stage:

Security is considered one of the most important factors in choosing a home location. A safe neighborhood makes you live more reassuringly for yourself and your family. Speaking of safety, it includes the safety of roads and streets, especially those close to vital places.

The availability of services comes in the following rank. It is very important to have an abundance of services in the neighborhood and to know the quality of infrastructure services, such as the water and sewage network, floods, electricity, gas, communications network, and many others which have a direct impact on the quality of life for the residents of the neighborhood.

Physical and urban planning, starting from the street spaces, the availability of vital areas such as parks and mosques as well as schools, the distribution of the area and its proximity to health centers, postal services, and business areas; To provide a decent and easier life for the population.

The Good Neighbor In terms of safety, you must know the residents of the neighborhood in the area you want to live in before you decide to move there. You must take into account that you are a good neighbor with a high level of morals and religiosity, in order to protect yourself, your family, and your children from bad companions, as it is said, “the neighbor comes before the house”.