Saudi crown prince vows to ground soaring property prices: What to know
Crown Prince Mohammed bin Salman vowed to implement policies aimed at reducing real estate costs and providing a wider range of housing options.
Saudi Crown Prince Mohammed bin Salman has vowed to curb what he called an “unacceptable” surge in property prices, warning that rapid economic growth is fueling housing costs across the kingdom.
“The strong economic growth the kingdom is experiencing today has been accompanied by a rise in residential property prices in some areas of the kingdom to unacceptable levels,” he warned on Wednesday in his annual address to the Shura Council, Saudi Arabia’s advisory body, vowing to address the problem.
Saudi Arabia’s de facto ruler did not elaborate on the specific policies but said the changes aim to reduce costs and provide a wider range of housing options for citizens and foreigners.
Why it matters: The warning comes as the government pursues its Vision 2030 target of raising homeownership to 70% by decade’s end. According to real estate consultancy Knight Frank, ownership reached 63.7% in 2023, up from 47% in 2016, but rising prices risk slowing that progress.
