Subsidies for Saudi families who want to own their own home have been increased as the Kingdom aims to raise the rate of home ownership to 70% by 2030.
Over the four years ending in June 2021, the Real Estate Development Fund (REDF) has provided subsidies of SR29.6 billion to more than 520,000 families, the fund’s CEO Mansour bin Madi said. The REDF administers funds for the Ministry of Housing’s Sakani program.
Sakani has helped 124,208 families with housing solutions and options between January and July this year, including 97,822 families who were able to move into new homes. The accomplishments were during the Sakani Forum for the second quarter of 2021, held in Riyadh on Sunday, SPA reported.
Sakani also announced the inauguration of a comprehensive residential information and resource center in Madinah, on King Abdullah Road, under the auspices of the Minister of Municipal and Rural Affairs and Housing, Majid bin Abdullah Al-Hogail. The center aims to provide all housing system services under one roof, including housing projects under construction in the Madinah region.
The average time for approval of benefits under by the Sakani program, following online applications, has been significantly reduced, the program revealed.
The subsidized real estate loan option to purchase existing houses has benefited 53,000 families while 40,000 families have benefited from the self-construction option. The Sakani online platform recorded 7.7 million visits in the year to July. There were about 57,000 visits to the comprehensive housing centers in Riyadh, Al-Khobar and Jeddah over the same period, the Deputy Minister of Housing Essam Alghamdi said during his speech at the forum.
The national scheme runs in partnership with the private sector and channels financing options to people who can also construct their own homes.