Saudi Arabia has achieved its 2025 homeownership target a year ahead of schedule, with an official report indicating that 65.4 percent of families own homes as of 2024.

This figure represents 102 percent of the initial goal set by the Kingdom, which aimed for a 65 percent rate by 2025.

The report, titled 'Facilitating the Journey to Homeownership and Sustainability,' also revealed that Saudi Arabia now seeks to raise the homeownership rate to 70 percent by 2030, showcasing the country's commitment to enhancing living conditions in line with Vision 2030 objectives.

The improvement in homeownership rates is a testament to the effectiveness of the Housing Program, which has been operational since 2016.

The program initially aimed to increase ownership from 47 percent to foster sustainable urban development and improve the quality of life for Saudi families.

The progress made underscores the government's efforts to empower citizens by providing accessible financing solutions, innovative housing options, and developing modern urban communities.

In 2024, over 122,000 families benefited from the Housing Program, with more than 21,000 achieving homeownership through various developmental pathways.

Additionally, the year witnessed significant activity in the housing market, including the signing of contracts for land products, self-construction, ready-made units, and off-plan sales.

The total mortgage value rose from SR818 billion to over SR859 billion, indicating increased efficiency within the sector.

Furthermore, affordability metrics improved, with household income spent on housing decreasing from 41 percent to 40.2 percent.

This development contributed to an increase in citizen satisfaction, which rose from 80 percent in 2023 to 89 percent in 2024.