Amlak - Follow-ups
The Shura Council strongly demanded the need to find quick solutions for 140,000 citizens who have been finally approved for loans of 500,000 riyals for each of them, but they do not have land. This came through the report of its Finance Committee on the performance of the Real Estate Fund, in which it called on the Fund to coordinate with the Ministry of Housing on this matter and find a mechanism to provide land for citizens, especially since the Ministry has land of up to 200 million square meters.

<The Council called on the Real Estate Development Fund to disburse the entire housing loan to those wishing to buy apartments with an area of not less than 175 square meters, in reference to exceeding the conditions applied by the Fund in its current program, which is not less than 240 square meters, whether it is a house or an apartment, and the report of the Finance Committee confirmed the difficulty of the citizen to buy a housing unit of this area in view of the housing units market, and many of those with limited income do not have the ability to finance the difference between the value of the house, which in most cases exceeds 500 thousand and loan amount in addition to other charges such as furnishing. In the recommendations of its Finance Committee, the Shura urged the Fund to return to the application of the investment loan program and support it financially, which are medium-term loans provided to Saudi investors without interest to build residential complexes for commercial purposes. These loans cover 50% of construction costs up to a maximum of 10 million riyals to be paid over 15 years. The Shura Finance report stressed that the continuation of this program, especially for residential units, will lead to an increase in the supply of apartments and this will contribute to reducing the prices of apartments, whether for the purpose of renting or owning the fund from this program. On the other hand, the Shura Council will discuss next Monday the report of the Housing, Water and Public Services Committee on the population policy document and the proposal of former Shura member Zain al-Abidi Berri to amend Article 6 of the Social Security Law.