Saudi Arabia’s Real Estate Surge: NHC Takes the Lead
Mr. Mohammed Albuty, CEO of the National Housing Company (NHC), affirmed that Saudi Arabia is undergoing a significant transformation in the real estate sector, driven by the objectives of Saudi Vision 2030. He emphasised that NHC is at the forefront of this transformation as the region’s largest real estate developer and the executive arm of the public sector.
Albuty’s remarks came during his participation at the “Capitals London” event, held alongside the Cityscape Global Exhibition, where he highlighted that NHC has played a key role in the success of raising the home ownership rate among Saudi citizens to 65% one year ahead of schedule, and aims to reach 70% by 2030. This progress has been fueled by the development of more than 600,000 residential units, half of which are expected to be completed by the end of 2025.
He added that the company is currently managing 39 high-profile projects across 17 cities in Saudi Arabia, with total investments exceeding $154 billion. To date, over 100,000 residential units have been sold through off-plan sales. NHC also manages a land portfolio in the Kingdom spanning more than 284 million square meters.
Albuty emphasized that enhancing quality of life is a core pillar of the company’s strategic plans. Sustainability principles are embedded across all stages of development, from planning and design to material selection and community management. NHC aims to reduce commuting times, provide interactive public spaces, promote healthy lifestyles that strengthen social bonds and a sense of belonging, and dedicate vast areas to green spaces.
Albuty also noted that NHC has successfully attracted international developers with direct investments exceeding $10 billion, through strategic partnerships with global real estate firms. Key partners include K. Hovnanian from the United States, Urbas from Spain, TMG from Egypt, CITIC Group from China, Emlak Konut from Turkey, and Kooheji from Bahrain. These partnerships encompass the development of major residential projects, in addition to collaboration with CITIC in areas such as supporting industries, logistics zones, and supply chains to enhance local content.
Mr. Mohammad Albuty concluded his statement by affirming that the Saudi real estate market is gaining increasing confidence from investors around the world. He emphasised that NHC is moving forward with a clear vision to become the main driver of real estate growth, contributing to the development of integrated cities that reflect customer aspirations and support the objectives of Saudi Vision 2030.
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