The subsidized mortgage program recorded more than 520,000 financing contracts signed between June 2017 and the end of June 2021, which is equivalent to 60% of the total achieved over the past 40 years compared to what was since the transition in the last four years.
More than 520,000 families have benefited from the subsidized mortgage program from June 2017 through the end of the first half of this year, including 103,000 families who took advantage of the financing and housing options for “subsidized loan” this year, from January through the end of June 2021.
The subsidized mortgage program recorded a 11% increase during the first half of this year, with more than 103,000 financing contracts signed, compared to 92,000 contracts during the same period in 2020, with a total value exceeding 63 billion riyals. More than 45,000 people benefited from the ready-built housing units product, and more than 33,000 from the self-build program, while approximately 12,000 beneficiaries took advantage of the housing units under construction program.
The total number of subsidized financing contracts secured since the program’s launch in 2017 underscores Saudi families“ confidence in the ”Subsidized Loan" program and the supporting programs and initiatives it encompasses, which have played a positive role in achieving these accomplishments. These achievements were made possible through multiple fruitful partnerships with the housing system and the private sector—including financing institutions and real estate development companies—to meet the program’s housing targets.
Subsidized housing financing contracts during the first half of 2021 included 45,000 contracts for ready-built housing units, 33,000 contracts for self-construction, and 12,000 contracts for units under construction.
The subsidized mortgage program contributed to a 1.5% reduction in mortgage profits, more than 4.8 million transactions and services were processed, 913,000 financing recommendations were provided, and services were rendered to more than 1.2 million registered users on the Real Estate Advisor platform and app, in addition to 343,000 beneficiaries served through branches across the Kingdom.
