Revealed Real Estate Development Fund on the high volume of mortgage financing for beneficiaries of the Housing support 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 beneficiaries of the Housing support For the year 2024, it amounted to 62.9 billion riyals, indicating that the total value of financing for 2024 contributed to the financing of 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 a strategic partnership with the financing agencies and the real estate development sector to enhance the opportunities for ownership of the appropriate housing product in the real estate market, pointing out 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 product under construction reached 29%, and the share of the ready-made housing units product reached 57%.
He stated that the month of 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 “Residential” beneficiaries for easier ownership and achieve the objectives of the housing program by raising the percentage of citizens owning their homes to 70% by 2030.
