Saudi Arabia is selling residential land in Riyadh at big discounts, up to 84%, to make housing more affordable and control rising prices. The Royal Commission for Riyadh City gave 10,024 plots through an electronic lottery on the Real Estate Balance platform. Each 300 square meter plot is priced at SR1,500 per square meter, over 50% below Riyadh’s average market price of SR3,200 per square meter. The plots are in eight neighborhoods including Al-Qirawan, Al-Malqa, and Al-Narjis. Al-Qirawan has the highest discount at 84%. This initiative is part of Crown Prince Mohammed bin Salman’s plan to stabilize Riyadh’s housing market. The Commission intends to offer 10,000 to 40,000 such priced plots annually for five years. To qualify, applicants must be married Saudi citizens or those aged 25 and above without residential property. Buyers cannot sell or rent the land for 10 years except for building financing. Plots not developed in this time will be reclaimed. Other measures include lifting development limits on 81.48 square kilometers in northern Riyadh, revamping the white land fee, freezing rent rises for five years, and releasing regular housing market reports. Riyadh needs 100,000 to 130,000 new homes each year. Experts say these steps target more housing supply, better affordability, and improvements to life quality in Riyadh.