Saudi Arabia’s Crown Prince Mohammed bin Salman has directed the allocation of 20 million square meters north of Riyadh for new residential projects, reported Saudi Press Agency.
SPA added that the land will be transferred to the full ownership of the Ministry of Municipal and Rural Affairs and Housing. This allocation is part of the Crown Prince’s plan for housing in a way that contributes to enhancing the stability of families and raising the percentage of homeownership.
The allocation aims to increase the residential area of al-Jawan suburb from 10 million square meters to 30 million square meters and implement additional housing units of up to 53 thousand housing units through integrated projects, facilities, and services with the private sector.
The directive comes as an extension of the continuous support and attention from the Crown Prince in the housing sector, which contributed to raising the percentage of Saudi families’ ownership of the first home from 47 percent to 60 percent within the last four years.
The additional spaces allocated to the housing sector north of Riyadh will allow the development of more than 53 thousand different housing units that real estate developers will work on.
The developments will take into account the quality of life that meets the aspirations of citizens, and it would in line with the development plans of the capital Riyadh in terms of economic, social, cultural, and urban aspects.
This step is expected to enable more Saudi families to own homes and to provide more investment opportunities to enhance the participation of the private sector, in line with the growth of the city of Riyadh and its targeting to reach one of the ten largest economic cities in the world and increase its population from 15 to 20 million by 2030.
The capital, Riyadh, has been witnessing rapid growth during the past two years at the level of the housing sector, exemplified by the increasing infusion of various housing projects, including more than 20 integrated and government-supported projects, as well as other projects at the housing market level in light of a balanced and sustainable environment and the availability of many supportive and stimulating regulations and legislations.