Major cities need over 1.5M housing units by 2030: Al-Hogail

The Saudi housing market in the five major cities—Riyadh, Makkah, Jeddah, Madinah, and Dammam—will require more than 1.5 million additional residential units by 2030, Minister of Municipalities and Housing Majed Al-Hogail said.

Speaking at the Cityscape 2025 Conference, Al-Hogail noted that 46% of this demand is concentrated in Riyadh, exceeding 731,000 units.

He explained that new indicators will be launched starting next year to monitor the Kingdom’s housing market, with the aim of enhancing transparency and addressing the growing demand for housing units.

Al-Hogail noted that the Kingdom has achieved a remarkable advancement, making its mortgage market the fastest-growing in the region. Mortgage loans reached SAR 961.4 billion by the second quarter of 2025, while the homeownership rate exceeded 65% by the end of 2024.

He added that this places Saudi Arabia among the world’s largest urban development markets and one of the most attractive destinations for real estate development today.

The minister also highlighted that the real estate, construction, and building sectors contributed 13.8% to the Kingdom’s GDP in the second quarter of 2025.

He noted that real estate deals and agreements worth more than SAR 161.2 billion will be signed during the Cityscape Global Exhibition— a record figure that reflects the strength and dynamism of the Saudi real estate market.

He added that the exhibition will witness further deals and contracts, highlighting that both Saudi and international developers are leading numerous projects across the Kingdom’s regions and cities, presenting models that combine national identity with global modernity.

He also stated that the exhibition offers opportunities for joint development, partnerships, and investment in cities and special economic zones to establish sustainable residential communities.

It will additionally launch professional brokerage partnerships and digital platforms operating to international standards, serving as a bridge between supply and demand.