Saudi housing giant NHC drives $154bn building boom as ownership hits 65%
The state-backed developer has sold 100,000 off-plan units and manages 39 projects across 17 cities as Riyadh races toward a 70% ownership target.
Mohammed Albuty, chief executive of the National Housing Company (NHC), told an audience in London this week that Saudi Arabia's residential construction programme is accelerating faster than planned, with home ownership among citizens already at 65 percent, a full year ahead of the Vision 2030 milestone.
Speaking at the Capitals London forum, held alongside the Cityscape Global exhibition, Albuty said NHC has now launched more than 600,000 residential units across 39 projects in 17 cities. Roughly half are scheduled for completion by the end of 2025. The portfolio represents total committed investment of more than $154 billion, backed by a land bank exceeding 284 million square metres.
Off-plan sales hit 100,000 units
Buyers have reserved more than 100,000 homes off-plan, a figure Albuty cited as evidence of rising household confidence. The company aims to push national ownership to 70 percent by 2030, a target that would require roughly another 500,000 completions over the next five years.
"We are not just delivering units; we are designing communities that shorten commutes, expand green space and embed sustainability from the drawing board," Albuty said. He added that NHC's masterplans allocate extensive areas for parks, walking paths and mixed-use centres intended to reduce car dependence.
We are 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.
Global partners bring capital and expertise
NHC has secured direct foreign investment above $10 billion through joint ventures with K. Hovnanian (United States), Urbas (Spain), TMG (Egypt), CITIC Group (China), Emlak Konut (Turkey) and Kooheji (Bahrain). The CITIC tie-up extends beyond housing into industrial zones, logistics parks and supply-chain localisation, areas Riyadh has identified as critical for non-oil GDP growth.
Analysts say the partnership model helps NHC manage execution risk on mega-projects while transferring construction technology and project-management standards to the local supply chain.
What comes next
With half the current pipeline due for handover within 18 months, the immediate test is delivery quality and after-sales service at scale. NHC has signalled it will launch further land releases in secondary cities to keep unit prices accessible, while the next phase of foreign partnerships is expected to focus on rental housing and build-to-let formats that cater to the kingdom's expanding expatriate workforce.
