Poll: Solomon Goldfinch: The updated Housing Support Program meets the needs of beneficiaries in proportion to their different financing capabilities and their need to own suitable housing. The updated program offers various benefits and more options of financing and housing solutions that suit all segments of beneficiaries in general and the most vulnerable groups in particular. It provides various solutions and benefits for beneficiaries, including immediate non-refundable financial support of up to 150,000 riyals, in addition to in-kind support for housing units under construction. Amlak newspaper polled a number of real estate professionals about the recovery of the real estate sector, in light of providing more assistance and options for beneficiaries of housing support programs, the most prominent categories or segments benefiting from its application, and whether its application will lead to an increase in the number of beneficiaries, in addition to its expected impact on the real estate sector.

Faisal Al Junaidi:

Balance between supply and demand. And a variety of options for beneficiaries

Faisal Al Junaidi said: The state seeks to provide appropriate housing for citizens, and the Kingdom's Vision 2030 is directed towards achieving a balance between supply and demand in the market, and providing multiple options for beneficiaries, explaining that the updated housing support program is one of the measures to achieve this.
He explained that the program focuses on low-income citizens, and that one of the expected impacts on the real estate sector is a significant increase in demand for real estate units, adding that it is not expected to cause a rise in prices due to the reduction in the value of subsidies.
He expressed his hope that the program will contribute to facilitating the access of all citizens to adequate housing, striking a balance in the market between supply and demand, and providing a variety of options for beneficiaries.

Fahad Al-Ajami:

New obstacle in front of beneficiaries

. <Fahad Al-Ajami described the updated housing subsidy program as an "obstacle" in front of the beneficiary at the moment, especially with the high interest rates of banks in the last period, and coinciding with the rise in real estate.
He explained that despite this, it may positively affect the real estate sector, and may provide an opportunity in the near future to benefit from the system, as real estate prices fall in light of the recession, continuing: "There may be opportunities for developers in the suburbs of less expensive cities."
As for the segments benefiting from the implementation of this program, he said that the lowest income groups are the main beneficiaries, and the next period may witness growth in the suburbs of cities.
He predicted a recession and a slight decrease in prices after the implementation of the program, especially with the beneficiary's partnership in bearing the interest.

Nawaf Al-Zahrani:

opens new horizons in the market

<Nawaf Al-Zahrani, Chairman of Ruwwad Real Estate Company, said that the updated housing support program will open new horizons in the real estate market and will find positive repercussions for beneficiaries and developers, praising the efforts of the Minister of Municipal and Rural Affairs and Housing, Majid Al-Hogail, in confronting the control of developers and the high prices, which he described as «unjustified».
He pointed out that the main beneficiaries of the program are low-income people and the middle class, and that it will not cause a rise in real estate products, but rather correct exaggerated prices.

Abdul Wahed Al-Thaqafi:

Increases buying and lowers prices

<Abdul Wahed Al Thaqafi, owner of Alam Al Qusoor Real Estate Services, described the updated housing support program for beneficiaries and real estate developers as «excellent», which will increase the purchase movement and contribute to lowering prices.
He explained that low-income people are the most prominent beneficiaries of the implementation of this program, explaining that real estate will be affordable for everyone, increasing the rate of sale and purchase.

Mutaib Al-Qahtani: Flexible solutions and special programs for beneficiaries

The broker and certified real estate marketer at Al Nahda Housing Real Estate Company, Mitab Al-Qahtani, said: The housing support matrix aims to achieve the targeted ownership rate, focusing on the most needy segments, offering flexible financing solutions that enable the beneficiary to design his own support program, in addition to strengthening the relationship with financing entities and increasing solutions.

He pointed out that real estate developers must build housing projects that suit the beneficiary of the updated support matrix, as well as the needs of the market, and increase the diversity of options.
He added that the real estate developer should look for large development projects that meet his desire to develop, and offer multiple housing solutions and options that are economically feasible.
He concluded: In the near future, we will see housing units with different prices and spaces that offer multiple options for the beneficiary.