The Saudi government has taken notice of sky-high property prices in Riyadh. Crown Prince Mohammed bin Salman has ordered new measures to rebalance the capital’s real estate sector, launching Tawazon, a platform for Saudis who are married or over the age of 25 to apply for residential land.
The initiative comes as soaring prices are squeezing locals out of ownership. The value of residential sales surged to 165 billion Saudi riyals ($44 billion) last year, the highest figure since 2015, yet the share of renters planning to buy a home has plummeted. By expanding housing access, the government aims to help achieve the Vision 2030 target of 70% homeownership: Overall levels currently stand at 65.4%.