In a bid to support home ownership across Saudi Arabia, His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Saudi Arabia’s Crown Prince and Prime Minister, has made a substantial personal donation of SAR1 billion ($266.5 million) to the National Development Housing Foundation‘s (Sakan) Jood Eskan, generously contributing to facilitating homeownership for eligible beneficiaries and families in need.
Reflecting his commitment to ensuring a decent standard of living for all citizens, Prince Mohammed bin Salman has mandated the swift completion of these housing projects within 12 months, directed that national companies execute the projects, and required monthly progress reports on the ownership process to ensure transparency and accountability.
Housing sector in focus
This donation underscores Prince Mohammed bin Salman’s ongoing dedication to the housing sector and his particular focus on supporting deserving families. Recognizing the pivotal role of stable housing in fostering social well-being and driving developmental progress, the initiative aims to provide thousands of families with the security and opportunity they need to thrive.
Home ownership is one of the main focus areas of Saudi Arabia’s Vision 2030. In 2018, the Kingdom launched the Housing Program to make homeownership a reality for millions of families across Saudi Arabia. The Kingdom committed to supporting access to affordable, quality housing for all citizens, and is the only country with a national housing strategy program and a defined target of homeownership.
For families that need help to achieve homeownership, Saudi Arabia’s Housing Program established Sakani, which provides personalized housing and financing solutions. Over a million families have benefited from Sakani, with a third now living in their dream home.
For those who rent, the program also launched the e-service Ejar, which protects renters from landlord misconduct while giving landlords credible, enforceable rental contracts. To date, more than 4.5 million leases have been registered.
Home ownership among Saudis hits 65.4 percent
The Housing Program’s overhaul of the Kingdom’s housing sector has broadened access to finance, simplified regulations, and supplied the market with diverse options. As a result, Saudi Arabia is well on its way to meeting its goal of 70 percent homeownership by 2030 and ensuring that all families can one day own the home of their dreams.
In the latest Vision 2030 Annual Report 2024, Saudi Arabia revealed that home ownership among Saudi households reached 65.4 percent last year, a substantial increase from 47 percent in 2016 and already surpassing the 2025 target. By the end of 2024, over 850,000 Saudi families achieved homeownership.
