Since the introduction of the Vision 2030 plan, Saudi Arabia has made significant efforts to diversify its economy and reduce its reliance on money derived from oil and gas. The Kingdom is supporting every aspect of the economy, particularly real estate. Thanks to multibillion-dollar projects connected with the Vision 2030 plan, Saudi Arabia’s real estate industry is predicted to undergo a historic increase. During the forecast period (2023-2028), the increase is expected to rise from USD 64.43 billion in 2023 to USD 94.19 billion in 2028, at a CAGR of 7.89%.
Housing is one of the major goals under the Kingdom’s Vision 2030. The Kingdom aims to transform the housing sector and increase investment in housing to meet the goals of Vision 2030 in a variety of ways, including by fostering economic growth, creating sustainable job opportunities, and increasing the private sector’s contribution.
With the increase in demand for new properties along with the growth in commercial activities, major real estate companies are putting a foot forward to contribute to this initiative. One such development institution is National Housing Company (NHC).
Giving the VISION life
Aligning with the goals of Vision 2030, NHC has made a transformation in the Sakani Programme that offers a variety of housing solutions. Along with offering housing and finance options that satisfy people’s needs, the programme seeks to enhance the first-time homebuyer experience. NHC introduced Ejar, an integrated electronic network focused on organising and developing the real estate rental sector in the Kingdom of Saudi Arabia and protecting the rights of the parties to the rental process, by offering a set of electronic solutions while keeping the business perspective in mind. Other programmes include Sakan Jamaie, Disused Lands, Mullak, and many others.
The recent delivery of 30k residential units around the Kingdom highlights NHC’s goal of offering contemporary lodging all over the area. The company’s crucial role in enabling the private sector through cooperation is reflected in the most recent launch of “Sadayem” Suburb. Through the promotion of integrated residential communities, this strategy aids in raising the homeownership rate among families.
International Business Magazine identified these exceptional feats and honoured them with two eminent titles: Leading Real Estate Development Company Saudi Arabia 2023 and Best Residential Services and Solutions Provider Saudi Arabia 2023. NHC continues to progress by empowering the private sector to develop the real estate market and improve the professionalism of the services provided in it.
Thinking beyond
KSA will have significant stability and prosperity as long as the real estate sector continues to flourish. It will prove to be a strong investment opportunity due to its robust growth in the economy, strong tax environment, and open legal system. Investors can navigate the market with confidence because of KSA’s dedication to top-notch infrastructure and safety standards, as well as its varied property portfolio.
Blog by Tamanna Shaikh
