Saudi home ownership to be raised under reform plan

08/06/2016 Argaam

The Saudi housing ministry plans to increase home ownership rate among citizens to 52 percent from 47 percent over the next five years. These plans fall under the country’s recently unveiled National Transformation Program (NTP).

 

The ministry is also planning to reduce the waiting time for housing loan applicants from 15 years to five years.

 

Also, the ministry is seeking to provide affordable residential units, and to increase the percentage of the housing projects implemented by real estate developers to 30 percent from 10 percent.

 

On Monday, the Saudi government unveiled the five-year NTP, part of the wider Vision 2030 initiative which aims to reduce the economy’s reliance on oil. The NTP, which will cost an estimated SAR 270 billion to implement, includes over 500 projects and initiatives.

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