National Housing to build over 147,000 residential units in Riyadh

Saudi Arabia-based National Housing Co. (NHC) announced its plans to increase residential real estate supply in Riyadh, through constructing new integrated residential communities comprising more than 147,000 housing units that spread 83.5 million square meters (sqm), Saudi Press Agency reported. 

The company plans to launch new communities spreading 40 million sqm in three Riyadh-based sites over the coming years, as follows:  

• Al-Fursan district will consist of 60,000 units over 35.7 million sqm 

• Al Asalah will include 3,500 units over nearly 4 million sqm  

• Dirab will comprise more than 1,800 over 1 million sqm 

The move is part of the company's plan that contributes to achieving Riyadh Vision, which aims to make the Saudi capital one of the world's top 10 economic cities. NHC also plans to achieve the goals of the Kingdom's Vision 2030, which aims to increase home ownership in the Kingdom to 70% by 2030. 

The current real estate supply in Riyadh reaches nearly 20 projects, of which 13 are implemented by NHC at Al-Gwan suburb. 

The company indicated that the number of units that will be built at Al-Gwan suburb exceeds 73,000 spreading 30 million sqm.