https://arab.news/86rqm
RIYADH: Saudi beneficiaries are set to receive SR1.07 billion ($287 million) in housing support for May under a government-backed program aimed at improving access to homeownership.
Saudi Arabia’s Real Estate Development Fund deposited the amount into the accounts of beneficiaries of the housing support program run in partnership with the Ministry of Municipalities and Housing, according to the Saudi Press Agency.
The support was allocated to subsidize financing profit payments under various housing support contracts, helping beneficiaries finance home purchases.
This aligns with the Housing Program under Saudi Vision 2030, which targets raising homeownership to 70 percent by 2030 from about 47 percent in 2016 through expanded housing supply, improved financing access, and public-private partnerships.
“The fund noted that the total amount deposited into the accounts of housing support program beneficiaries from January 2026 until May of this year has reached approximately SR5.4 billion,” SPA reported.
The REDF provides housing support services through its online portal, in addition to the “Real Estate Advisor” service, which enables beneficiaries to develop their support pathways based on the best financing and housing recommendations.
Since its establishment in 1974, REDF has enabled more than 1.8 million beneficiaries to obtain their first home and has contributed to raising the rate of homeownership for citizens to 66.24 percent.
Saudi Arabia’s housing market has been supported by strong government spending, large-scale urban development projects, and expanding mortgage availability as the Kingdom accelerates economic diversification efforts.
According to Mordor Intelligence, Saudi Arabia’s real estate market is valued at about $72.8 billion in 2026 and is projected to grow to nearly $103 billion by 2031, reflecting a compound annual growth rate of around 7.17 percent.
The expansion is being driven by Vision 2030 giga-projects, rising household formation, capital-market reforms, sustained liquidity support from the Public Investment Fund, and a maturing mortgage ecosystem.