Saudi Arabia Expands Home Ownership Drive with New Financing for Buyers Outside the Conventional Mortgage System

The Real Estate Development Fund has launched an alternative financing product designed to extend home ownership access to Saudi citizens who do not qualify under conventional bank lending criteria.

Vision 2030 Housing Context

Saudi Arabia's housing strategy under Vision 2030 set a target of raising the national home ownership rate to 70 percent by 2030, up from approximately 47 percent when the program launched in 2016. Instruments that expand access beyond conventional lending are essential to achieving this goal.

The launch also reflects a broader government strategy of activating non-bank financial institutions in the housing market, reducing dependence on commercial banks and creating a more diverse lending ecosystem aligned with Vision 2030's private sector development objectives.