Real Estate Saudi real estate licences increased by half in 2024 By Edmund Bower February 13, 2025, 5:51 PM Unsplash/Scott Blake The number of real estate and construction licences issued in Saudi Arabia soared in 2024 Saudi real estate licences up to 690 Construction licences up 4,000 70% home ownership target The number of licensed real estate developers in Saudi Arabia increased by 50 percent in 2024 alone. Assistant deputy minister of investment, Fahad Al-Hashem, who was speaking at the panel discussion at the PIF Private Sector Forum in Riyadh on Thursday, said licensees jumped from 446 to 690. Similarly, the number of construction licences increased from 8,900 to 12,700 in the same period. “This is just to show the uptake from foreign investors into the market,” Al-Hashem said, “and we hope to see an increase and surge with these reforms”. The kingdom is aiming to increase its housing stock to achieve 70 percent homeownership as per its Vision 2030 goals. Real estate consultancy Knight Frank has said it needs to build 115,000 residential units annually over the next six years to meet this ambition. Saudi homegrown Ceer to produce first EVs in 2026 Deals worth $15bn on day one of Saudi Leap tech event Kuwait ready to move on long-awaited mortgage law Saudi Arabia signed SAR6.5 billion ($1.7 billion) of construction contracts in January and plans to award 25 new contracts in February, according to a report by Saudi Contractors’ Authority. The projects are largely being undertaken by the Saudi Electricity Company, the National Housing Company, PIF, and giga-project Neom.
