Saudi Arabia has unveiled plans to introduce more than half a million new housing units by 2030, following recent legal reforms aimed at restructuring the real estate sector, Invest-Gate reports.

In the past five years, more than 15 supportive laws have been enacted to enhance transparency and improve the investment climate.

Majid Al-Hogail, the Saudi Minister of Municipal and Rural Affairs and Housing, shared this information during the opening of the third edition of the Real Estate Future Forum in Riyadh.

The event brings together representatives from over 85 countries, featuring 300 speakers from the public and private sectors, as well as experts in economics and investment.

Al-Hogail emphasized the significant role played by banks and financial institutions, which have provided over SAR 650 bn (USD 173 bn) in real estate loans. State-supported loans have reached approximately 750,000 contracts.

Since the launch of the housing program in 2018, the ministry has actively increased the supply of real estate by offering over 450,000 residential units and plots of land.

Al-Hogail stated that they aim to continue these efforts in collaboration with leading real estate development companies, with a target of reaching around one million housing units by 2030. Notable companies involved in this endeavor include the National Housing Company and ROSHN.

The real estate sector currently contributes 12.2% to Saudi Arabia’s non-oil GDP, while the construction and building sector accounts for 11.3% as of Q3 2023.

Al-Hogail emphasized the significance of the sector, highlighting its connection to over 120 economic industries. The real estate market is viewed as an attractive investment and growth hub that can sustain prosperity in various sectors of the Saudi economy.