The Ministry of Housing revealed the eighth installment of the Residential Program for 2017, which aims to allocate and deliver 280 thousand products in all regions of the Kingdom, bringing the total number of residential and financial products launched by the Ministry since last February to 184506 products. This came during the press conference of the Ministry of Housing to announce the eighth allocation of the ”Residential” program, which was held at the headquarters of the Media Center of the Saudi Press Agency in Riyadh.

This came during the press conference of the Ministry of Housing to announce the eighth allocation of the “Residential” program, which was held at the headquarters of the Media Center of the Saudi Press Agency in Riyadh.

28498 residential and financial products

The eighth installment included 7700 subsidized financing in partnership with banks and financing institutions, 9340 developed land without financial compensation, and 11458 housing units within the off-plan sales program Wafi in partnership with real estate developers, to be received within a maximum period of three years.

The Ministry and the Real Estate Development Fund invited citizens to visit the electronic portal of the residential program to view the list of names allocated for this month, and visit the housing support portal “Iskan” and the portal of the Real Estate Development Fund, to complete the necessary procedures, update data and approve the allocated product.

The Ministry and the Real Estate Development Fund called on citizens to visit the portal to complete the necessary procedures, update data and approve the allocated product.

Details of the products of the eighth installment

Riyadh region: 2650 subsidized financing, 906 free lands, and 3277 housing units within the Wafi program.

Riyadh region: 2650 subsidized financing, 906 free lands, and 3277 housing units within the Wafi program.

Mecca region: The share of the Makkah region was 1008 subsidized financing, 3145 free land, and 4065 housing units within the Wafi program.

Makkah's share was 1008 subsidized financing, 3145 free land, and 4065 housing units within the Wafi program.

Madinah region: </519 subsidized financing and 491 free land.

Madinah region.

Qassim region: </749 subsidized finances and 531 free land.

Qassim region: 749 subsidized finances and 531 free land.

Eastern Province: </890 subsidized financing, 246 free land, and 4116 housing units under the Wafi program.

Eastern Province: 890 subsidized financing, 246 free land, and 4116 housing units under the Wafi program.

Asir Region: </596 subsidized financing, 2618 free land.

Asir Region.

Tabuk: </234 subsidized financing.

Tabuk.

Hail: 253 subsidized finances and thirty free land.

Hail: 253 subsidized finances and thirty free land.

Northern Borders: 165 subsidized financing.

Northern Borders.

Jazan: 141 subsidized financing and 405 free land.

Najran: Najran: 181 subsidized finances.

Najran: Al Baha: 127 subsidized financing and 343 free land.

Al Baha: Al Jouf: 187 subsidized financing and 625 free land.

Al Jouf: 187 subsidized financing and 625 free land.

Al Jouf:

Delivery of 110 thousand housing units within 3 years

Ahmed Mandoura, General Supervisor of the Private Sector Partnership Program at the Ministry of Housing, confirmed that the partnership with the private sector has resulted in the start of building thousands of housing units with a variety of options, quality and appropriate price ranging from 250 thousand to 700 thousand riyals, in proportion to the purchasing power of those entitled to housing support, stressing that the total number of housing units that come in partnership with the private sector through the off-plan sales program and will be allocated during the current year will reach 110 thousand housing units, and will be delivered to citizens within a maximum of 3 years from the date of allocation.

Reservation of 128,000 housing units in the Ministry of Housing.

Reservation of 12,800 housing units through the “Wafi” program

Mandoura pointed to the heavy turnout witnessed by the exhibitions launched during the past period to allocate and reserve 12,800 housing units through the off-plan sales program in several projects including Dammam, Tabuk, Khamis Mushait and Al-Kharj, indicating that more than 50% of those projects have been booked.

<Khaled Al Amoudi, General Supervisor of the Real Estate Development Fund, said that the Fund continues through the payments of the “Residential” program to reduce waiting lists and accelerate access to subsidized financing in partnership with banks and financial institutions, adding that: "Since the beginning of this year until this payment, the Fund has announced 61,600 subsidized financing, with a monthly average of 7,700 financing, as the financing mechanism is characterized by reducing the waiting period from 11 years to a maximum of 5 years, and works to achieve support for 6 citizens compared to 1 citizen in the previous mechanism."

Signing with 10 companies to build 11 thousand housing units

The Ministry of Housing revealed the signing of 10 agreements with local real estate development companies aimed at building more than 11,632 housing units ranging from villas and apartments in a number of regions of the Kingdom, to be delivered within a period not exceeding three years from the date of allocation, and the Real Estate Development Fund signed an agreement with the first bank to start activating subsidized financing for the Fund's beneficiaries, bringing the number of banks that started to implement these agreements to nine banks, in addition to a number of financing institutions.

Real Estate Development Fund signed an agreement with the first bank to start activating subsidized financing for the Fund's beneficiaries, bringing the number of banks that started to implement these agreements to nine banks, in addition to a number of financing institutions.