Real estate price index rises by 0.91%
A report issued by the General Authority for Statistics showed a 0.91% increase in the real estate price index in the Kingdom during the fourth quarter of 2021, driven by a 1.71% rise in residential real estate prices.
The report noted that a 0.71% decline in commercial real estate prices and a 0.21% decline in agricultural real estate prices contributed to moderating the overall index increase, According to the results, the rise in residential land prices was the biggest factor in the increase in real estate prices in the fourth quarter of 2021 compared to the same quarter of 2020.
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58,880 households benefited from self-build loans
The number of households benefiting from subsidized mortgage loans for the self-build option under the Sakani program reached 58,880 households across all cities and regions of the Kingdom during the past year, 2021, out of more than 225,000 households that “Sakani” announced had benefited from the program, 186,000 of which have moved into their homes. The program aims to serve 180,000 households this year, 130,000 of which will move into their homes.
This comes as an extension of the program’s efforts to diversify housing options and financing solutions, which it offers in partnership with the private sector to facilitate home ownership for Saudi families through immediate eligibility and simple, accessible procedures.
To qualify for the subsidized self-build loan, a citizen must be eligible for housing support and own residential land, a valid building permit, a steady income that qualifies them for the subsidized loan, and no prior receipt of housing support.
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31,000 electronic contracts for residential land issued in 2021
The Sakani program issued more than 31,000 electronic contracts for residential land during 2021 to its Saudi beneficiary families via its smartphone app, as part of the diverse housing and financing options it offers to facilitate homeownership.
“Sakani” explained that the residential land plots it offers number 223, providing more than 180,000 residential plots across all cities and regions of the Kingdom, distributed throughout all regions and provinces, including 55 residential plans in the Riyadh region.
The program noted the possibility of issuing contracts electronically within the plans made available by the “Sakani” website and app to eligible families.
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Implementation begins Regulations for banking documents Electronically next April
The Saudi Central Bank announced that the implementation of regulations for the electronic issuance and verification of banking documents will begin on April 1, 2022, and the new regulations aim to enhance the quality of electronic services for banking sector customers and improve their quality and effectiveness, thereby facilitating financial transactions, saving time and effort in obtaining documents and certificates, and instilling confidence in the authenticity of electronically issued documents.
The Central Bank explained that the regulations specify the conditions banks must observe when issuing banking documents, in addition to requiring banks to provide electronic verification for banking documents issued electronically or on paper, and that these documents must include an indication of the method through which
