Crown Prince allocates 20 mln sqm land for building 53,000 new homes in northern Riyadh

09/05/2021 Argaam

Crown Prince Mohammed bin Salman

Crown Prince Mohammed bin Salman issued directives to double housing projects in the north of Riyadh by allocating new residential land plots on a total area of 20 million square meters and transferring their full ownership to the Ministry of Municipal, Rural Affairs and Housing.

 

The move aims at building 53,000 new residential units, as part of the Crown Prince’s focus on the housing sector and raising the rate of home ownership by nationals.

 

The directive comes in support of the local housing sector, which raised the rate of home ownership among Saudi households to 60% in 2020 from 47% in 2017.

 

The additional areas allocated for the housing sector in northern Riyadh will provide more than 53,000 residential units, which will be built by real estate developers, in line with the Riyadh’s development plans and the city’s growth strategy to become one of the world's ten largest city economies.

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