The digital transformation in the Kingdom of Saudi Arabia has bolstered the growth of its housing market, media reports said. The property market is further driven by the kingdom’s government-led housing initiatives as part of Saudi Vision 2030.
Majed Al-Hogail, the minister of housing and acting minister of municipal and rural affairs, told the media, “The Kingdom’s digital transformation has had a remarkable effect on the lives of Saudi citizens, allowing them to perform tasks and transactions online that previously required visits to ministries and government offices. In terms of housing, electronic platforms have greatly simplified the house-buying process.”
It is reported that the Kingdom’s GDP and the national economy has been burgeoning due to the transformation in the real estate sector. The Kingdom has witnessed a surge in the participation of the local real estate developers in recent times.
Furthermore, 62 percent of the Kingdom’s citizens have their own home, while the number of rented families have declined to 35 percent. The information has been provided by the Kingdom’s government.
Mr Majed Al-Hogail added that the housing initiative as part of the Kingdom’s Vision 2030 has also contributed towards the citizens who are looking to own a house by providing them with facilities such as housing solutions and loans. In addition, the purchase of houses has been made simple with the use of electronic platforms and applications.
The government provides housing loans to 20,000 home buyers each month. However, it used to provide loans to 20,000 home buyers each year.