Saudi Arabia’s Minister of Housing Majed al-Hogail said he expects investments in the real estate financing sector to reach between 60 billion Saudi riyals and 80 billion riyals ($21.33 billion) in 2019, according to Reuters on the sidelines of a housing conference in Riyadh.
The minister told Reuters that real estate financing for January hit 4.7 billion riyals ($1.25 billion), “and coming months were expected to see even bigger figures,” Reuters reported.
The ministry wants 60 percent of Saudis to own homes by 2020. According to the minister’s comments on stage at the event, the private sector is now financing 100 percent of housing market needs, up from 35 percent previously, according to Reuters.
He added that Saudi home ownership is growing between 6 and 7 percent annually.