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The National Housing Company (NHC) is looking to provide 600k housing units across the Kingdom to accommodate over 2 mn people by 2030, CEO Mohammed bin Saleh Al Bati said during the Real Estate Future Forum. By the middle of the decade, NHC hopes to hit its target of 300k units worth SAR 250 bn, he said, without providing a breakdown on the costs for the company’s target for 2030. The NHC has developed more than 100 mn sqm and inked over 62k contracts with a lump sum value of SAR 50 bn, he added.
NHC’s 2024 resolutions: The NHC will offer more than 88k housing units nationwide this year, he said, adding that his company plans to launch investment projects worth SAR 6 bn. The projects will include office and hotel towers, commercial, entertainment, health and education hubs, he said.
Doing well with local, global partners: Al Bati highlighted NHC’s partnership with several local and global players, including local firm ConEx, China City Construction (CITIC), Egypt’s Talaat Moustafa Group, and Spanish company Urba, among others.
A supply-demand balance to keep prices in check: Al Bati said that the company is adopting an integrated partnership model with local and global partners that focuses on introducing high-quality projects within a short timeframe. By using this approach they’ll be able to achieve a supply-demand balance, leading to a greater number of housing units that can cater to diverse regions. The approach helped bring average property value down to SAR 825k in 2023 from SAR 940k a year earlier, he said.
ALSO- The NHC inked six agreements with the public and private sector to providefinancing for real estate developers and financing solutions for the procurement of construction materials among others, it said in a separate statement.
