Written by: Mohamed El-Amin Jamous
Figures and reports revealed that the real estate sector has witnessed a qualitative development over the past six years by issuing a number of regulations governing the various programs and facilitating the real estate lending process from banks and various financing institutions until it became accessible to the citizen targeted by the service, in addition to programs and projects pushed by the Ministry of Housing to facilitate obtaining the first home.
With the sixth anniversary of the pledge of allegiance to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, to the reins of power in the Kingdom, we find that the Ministry of Housing has succeeded in achieving its target during the current year 2020, serving more than 300,000 families through various housing solutions that meet the aspirations of Saudi families and are appropriate to their capabilities within the options provided by the Sakani program, including more than 130,000 families who have moved into their homes, and the injection of more than 100,000 new housing units in partnership with real estate developers, and the provision of 90,000 new residential lands, as the Ministry exceeded its targets during the last year 2019 to serve 200,000 families, and achieved accomplishments by benefiting 300,041 families, including 109,162 families who moved into their homes from the Ministry’s projects .
The wise leadership’s follow-up and attention has led to an increase in the number of beneficiaries of the Ministry’s various programs. The number of families benefiting from the Sakani programs since its establishment in 2017 is expected to exceed 1,180,000 families, while the number of families benefiting from the subsidized loan for ready-made units for the current year has grown and is expected to exceed 120,000 families. The number of real estate units under construction in the current year has reached more than 61,000 housing units, and 58,319 families have benefited from the subsidized real estate loan for the self-build option.
