Saudi Arabia undergoes significant transformation in real estate sector

Mr Mohammed Albuty, CEO of the National Housing Company (NHC), made the announcement today (June 5).

It came during his participation in the Capitals London event, held alongside the Cityscape Global Exhibition.

Albuty highlighted that NHC has played a key role in the success of raising the homeownership rate among Saudi citizens, which is currently at 65 per cent.

NHC are aiming to increase this to 70 per cent by 2030.

To achieve this, he added that 600,000 residential units are in development - half of which are expected to be completed by the end of 2025 - and NHC is currently managing 39 major projects in 17 cities, with total investments surpassing £113 billion.

To boost homeownership rates, Albuty emphasised that enhancing quality of life is a core pillar of the company’s strategic plans

NHC plays a key role in the success of raising homeownership in Saudi Arabia

This includes sustainability, reducing commuting times, providing interactive public spaces, promoting healthy lifestyles that strengthen social bonds and a sense of belonging, and dedicating vast areas to green spaces.

Albuty also noted that NHC has successfully attracted international developers with direct investments exceeding £7.3 billion - most notably from Hovanian in the US, and TMG from Egypt.

These partnerships encompass the development of major residential projects, in addition to collaboration with CITIC in areas such as supporting industries, logistics zones, and supply chains to enhance local content.

Mr. Mohammad Albuty concluded his statement by affirming that the Saudi real estate market is gaining increasing confidence from investors around the world.

He emphasised that NHC is moving forward with a clear vision to become the main driver of real estate growth, contributing to the development of integrated cities that reflect customer aspirations and support the objectives of Saudi Vision 2030.