Saudi Arabia’s residential real estate finance to be worth $162bn by 2030, says Housing Minister

Saudi Arabia's residential real estate finance is expected to exceed 1.2 million contracts with a value of SR600 billion ($162 billion) by 2030, according to the Minister of Housing. 

Addressing the Real Estate Future Forum on Feb. 23 in Riyadh, Majid Al-Hogail noted that the real estate sector will contribute 8.8 percent to the national gross domestic product by 2030.

According to the minister, real estate witnessed growth in land and property registration by 85 percent in 2021. 

He added that the real estate sector provided 40,000 job opportunities in 2021.