Real Estate Development Fund revealed that the volume of mortgage financing for beneficiaries of housing support programs increased by 16.4% during 2024, recording 62.9 billion riyals compared to last year, which recorded 54 billion riyals.
December recorded a rise in terms of the value of real estate financing by 44% during 2024 to reach 9.4 billion riyals, compared to 6.5 billion riyals in December 2023, an increase of 2.85 billion riyals, while the number of financing contracts jumped by 52% compared to the same period last year.
The CEO of the Real Estate Development Fund, Mansour bin Madi, explained that the total mortgage financing for the beneficiaries of the housing support programs for 2024 amounted to 62.9 billion riyals, indicating that the total financing value for 2024 contributed to financing 89 thousand financing contracts compared to 74 thousand contracts in 2023, an increase of 15 thousand contracts representing 20%.
He pointed out that the Real Estate Fund works in integration with the housing system and in strategic partnership with financing bodies and the real estate development sector to enhance the opportunities for ownership of the appropriate housing product in the real estate market, noting that the share of the self-construction product of the total mortgage financing directed to the beneficiaries of housing support programs amounted to 14%, while the share of the residential units under construction product reached 29%, and the share of the ready-made residential units product reached 57%.
He pointed out that the share of the self-construction product of the total mortgage financing directed to beneficiaries of housing support programs amounted to TP3T141T. He pointed out that December 2024 was the highest in the volume of financing for the year 2024 with a value of 9.38 billion riyals, financing about 12.34 thousand contracts, stressing the keenness of the Real Estate Fund to enhance its role in the real estate finance market and provide various housing and financing solutions that meet the desires of beneficiaries and improve the ability and support of beneficiaries of “Residential” for easier ownership and achieve the goals of the housing program to raise the percentage of citizens owning their homes to 70% by 2030.
