- Investment in housing is crucial given the growing and young population, writes Aiman Almudaifer, Head of Local Real Estate Investments at PIF
- Vision 2030 includes a target for Saudi home ownership to reach 70% by end of decade
- The PIF-owned ROSHN giga-project aims to develop 200+ million square meters in nine cities by 2030; sustainability is key
A basic need for affordable housing that meets the needs of the community while offering quality of life is gaining urgency as more people converge on cities, highlighted Aiman Almudaifer, Head of Local Real Estate Investments at PIF, in an article for Arabian Business.
Many forecasters project that as much as 80% of the world’s population will reside in cities by 2050, up from about 50% today. Saudi Arabia is witnessing this dynamic expansion, with its population having increased by more than 10 million in the last 20 years; investment in housing is particularly crucial considering more than half of Saudis are below age 30.
The country’s Vision 2030 strategy includes a target for Saudi home ownership to reach 70% by the end of the decade, Almudaifer noted. As a catalyst for the nationwide blueprint, PIF launched ROSHN, a national real estate developer, to create high quality housing within integrated neighborhoods that offer a range of amenities. The ROSHN giga-project aims to develop more than 200 million square meters in nine cities by 2030.
“It’s safe to say that quality of life is the very basis of a well-functioning society,” wrote Almudaifer.
Sedra, ROSHN’s flagship community located in northern Riyadh, will feature more than 30,000 houses over 20 million square meters. Salmani-inspired architecture combined with innovative modern living will be integrated within green spaces and facilities located within short distances.
Attention to sustainability and an enhanced lifestyle will also be a focus of Al-Arous, ROSHN’s second neighborhood, located in Jeddah.
“This new approach to urban housing can create a quality of life that fits citizens’ aspirations, with strong economic, social and financial returns – now and for the future,” wrote Almudaifer.
Read the full Arabian Business article here.
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