The Real Estate Development Fund revealed that the investment loan contributed to the construction of 30,000 housing units in various cities across the Kingdom before it was discontinued, The Fund’s Director General, Engineer Yusuf bin Abdullah Al-Zaghibi, stated during a press conference with media outlets at the Fund’s headquarters in Riyadh that the Fund does not require that residential units be sold to those eligible for its loans, although we have set aside a certain number (30 to 50%) of the total units at affordable prices, i.e., up to 500,000 riyals, while the remainder will be priced according to market demand and in line with the developer’s capabilities and the needs of consumers, whether individuals or real estate development companies.
The Real Estate Fund has launched Initiative No. (15), which includes the implementation of the “Masarat” online program to enable each eligible citizen to select the appropriate loan through the electronic portal that will be launched soon; so that they can choose the best program for them, one that suits their needs, reduces waiting times, and ultimately enables them to make the right decision.
Engineer Al-Zaghibi noted that the Real Estate Fund’s fifteen initiatives announced to date address individual loans to meet applicants’ needs, as well as with individual landowners and real estate development companies, to increase the supply of housing units through investment loans that will be implemented in: Riyadh, Jeddah, Mecca, Medina, Al-Khobar, Dammam. They also address undeveloped, unused land through land development loans to increase the supply, particularly in cities where prices are not commensurate with the needs of eligible applicants. Consequently, we are careful to ensure that the solutions we propose do not disrupt the actual prices of real estate products as a whole.
During the conference, Engineer Yusuf bin Abdullah Al-Zughaibi emphasized that the Fund’s Board of Directors—chaired by the Acting Minister of Housing and Chairman of the Fund’s Board, Dr. Essam bin Saad bin Saeed—and the Board members, who include representatives from the Ministries of Finance, Municipalities, and Economy, as well as three representatives from the private sector—are committed to implementing the directives of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz —may God protect him—to accelerate solutions that enable citizens to own homes, and to expedite this through the package of initiatives launched by the Fund. Engineer Al-Zaghibi emphasized that the initiatives launched by the Fund are well-thought-out and serve the same goal of enabling citizens to own homes.
