The Real Estate Development Fund aims to clear the remaining applicants on the waiting list within the next two years at the latest. Data released by the Fund indicated that the value of the financial support it provides monthly to beneficiaries of the “Subsidized Financing” program is approximately 42 million riyals for 22,000 beneficiaries, with a subsidy rate of up to 100 percent. The data also noted that coverage for the value of the support provided to beneficiaries of the Subsidized Financing program is guaranteed for a period of up to 25 years.

The data indicated that the number of beneficiaries of mortgage loans provided by banks and financial institutions under the previous system did not exceed 25,000, whereas, under the new regulations currently in effect, the Fund has been able to provide banks with 22,000 beneficiaries through the Fund, thereby reducing the number of their remaining customers who are not on the Fund’s lists, which has contributed positively to increasing the volume of mortgage lending in the finance market, According to the data, the number of people currently on the Real Estate Fund’s waiting lists stands at approximately 480,000 beneficiaries, down from more than 500,000 previously.
It is worth noting that Khalid Al-Amoudi, General Supervisor of the Real Estate Development Fund, emphasized the Fund’s commitment to providing appropriate solutions to beneficiaries through a range of services and facilities.

He explained that, through its partnerships with banks and financial institutions, the Real Estate Fund is committed to providing beneficiaries with a full range of options, as they can obtain loans to purchase ready-to-move-in residential units or those under construction, in addition to self-build projects and refinancing of existing loans, thereby serving all categories on the waiting lists and helping to expedite their access to loans.