The Minister of Municipal and Housing Affairs, Majid Al-Huqail, announced the launch of the Building for Rent Program, a new initiative designed to enhance the housing supply in the market by developing units specifically for long-term rental. This program is a partnership between the National Housing Company and several real estate developers, serving as a key tool to address challenges in the rental market and curb rising prices in major cities, particularly Riyadh.
Al-Huqail clarified that the program represents a strategic step within the ministry’s plans, aiming to provide thousands of housing units for rent in the upcoming period and until 2030, which contributes to supporting housing stability for families and individuals. He also confirmed that the intervention in the Riyadh market was necessary, while continuing to monitor other cities to ensure balance in supply and demand.
The “Benaa” rental program aligns with the goals of Saudi Arabia’s Vision 2030, which aims to increase the homeownership rate among citizens and improve the quality of life. The program seeks to diversify housing options and provide long-term solutions that cater to all segments of society. Implementation will begin in the capital, Riyadh, and will gradually expand to other regions in the coming years.