Saudi Arabia Readies 100m sqm of Riyadh Land for 300,000 Homes

Riyadh, Saudi Arabia: Saudi Arabia has more than 100 million square metres of development-ready land in Riyadh as the Kingdom accelerates efforts to deliver 300,000 new residential units in the capital over the next three years, according to Majed Al-Hogail, Minister of Municipalities and Housing.

Speaking at the Real Estate Future Forum, Al-Hogail said the large land bank forms a central pillar of the government’s housing strategy, aimed at expanding supply, improving affordability, and supporting sustained urban growth in Riyadh as population demand continues to rise.

Unlocking idle land through regulatory reform

As part of efforts to activate underutilised land, the minister highlighted the introduction of fees on undeveloped plots and vacant properties, a policy designed to encourage development and curb land hoarding. Since the start of the year, authorities have issued more than 60,000 invoices under the initiative, reflecting strong enforcement momentum.

These measures are intended to accelerate land circulation and support timely housing delivery in high-demand urban areas.

Al-Hogail noted that homeownership in Saudi Arabia has risen from 47 percent in 2016 to over 66 percent in 2025, underscoring the impact of long-term housing reforms and public-private collaboration. He added that more than 370,000 beneficiaries have received housing support under the first phase of the Sakani programme, which remains a cornerstone of the Kingdom’s residential strategy.

To further widen access to housing, particularly for younger buyers, the government has introduced alternative ownership structures, including rent-to-own schemes, fractional ownership, and real estate tokenisation. Saudi Arabia is also developing formal standards for property tokenisation through the Real Estate Registry, signalling a push to integrate innovation into the sector’s regulatory framework.

Read more: Saudi Arabia Permits Foreigners to Buy Property with Digital ID

Housing finance and capital markets gain momentum

Financial activity linked to housing has also accelerated. Al-Hogail said refinancing by the Saudi Real Estate Refinance Company (SRC) has exceeded $14.4 billion (SAR54 billion), improving lender liquidity and supporting the availability of affordable housing loans.

He added that SRC’s international sukuk programme, valued at $1.2 billion (SAR4.55 billion), attracted around 1,000 investors globally, reinforcing international confidence in Saudi Arabia’s housing finance ecosystem.

Foreign ownership and digital transformation advance

The minister confirmed that Saudi Arabia has activated its non-Saudi property ownership framework, allowing foreign investors to own real estate under a regulated system aligned with national development goals.

He also pointed to the Kingdom’s rapid digital transformation, noting that around 80 percent of real estate transactions are now conducted digitally. Thirteen digital platforms have collectively served more than 35 million beneficiaries, positioning Saudi Arabia among the world’s leading smart real estate ecosystems.

Real estate, Al-Hogail added, now accounts for approximately 23 percent of gross capital formation in the Kingdom, highlighting the sector’s growing role in economic diversification and long-term growth.