In a move that will reshape the real estate sector and enhance access to home ownership in the Kingdom, the Cabinet approved amending the organization of housing support, in a decision considered by observers to be a qualitative leap in enabling citizens, especially youth and women, to realize the dream of owning their first home.

The decision, announced by the Minister of Municipalities and Housing Majid bin Abdullah Al-Hogail, includes a package of qualitative amendments that respond to economic and social transformations and open the way for a wider segment of citizens to benefit from support programs, including lowering the age of eligibility, expanding the eligibility of women, and reducing the period of disposal of subsidized housing units, which directly reflects on the flexibility of the real estate market and the diversity of its financing and housing solutions.

The decision was announced by the Minister of Municipalities and Housing Majid bin Abdullah Al-Hogail.

Reducing the age of eligibility. Young people are entering the ownership market earlier

<One of the most prominent amendments to the Housing Support Regulation was to lower the age of eligibility for housing support from 25 years to 20 years, a strategic move in line with the Kingdom's demographic reality, where young people represent a large percentage of the population. This amendment allows a new generation of citizens early entry into the ownership market, gives them the opportunity for long-term housing and financial planning, and promotes a culture of savings and stability among young families.

Empowering Women. Abolishing the dependency requirement broadens the base of beneficiaries

<In a clear reflection of the Kingdom's reform trends, the amendments included the elimination of the dependency requirement for divorced wives and mothers, which gives Saudi women more independence in owning property and benefiting from housing support. This step opens the door for thousands of women, especially divorcees and widows, to obtain subsidized housing without complicated requirements, contributing to their economic and social empowerment.

More flexibility Reduced disposal time enhances market dynamism

<One of the pivotal amendments is the reduction of the disposal period for subsidized housing options from 10 years to 5 years, giving beneficiaries more freedom to make their financial and living decisions, and keeping pace with rapid changes in personal and professional circumstances. This amendment enhances the attractiveness of the “Sakani” program and pushes more citizens to take advantage of its offerings without worrying about previous time restrictions.

Protect and regulate... Stricter data verification procedures

<Within the framework of governance and transparency, the amendments included tightening the regulatory procedures related to the validity of the data provided by beneficiaries, as the competent authorities can recover the housing subsidy, housing unit or land, if it is discovered that incorrect information has been provided. This step enhances the credibility of the programs and ensures that the support is directed to its actual beneficiaries.

Supporting the real estate sector. Expand financing channels

These amendments do not only serve beneficiaries, but also represent a strong boost to the real estate sector as a whole. They broaden the base of real demand for housing units and give developers and financiers more clarity and stability in ownership policies. It also strengthens the climate of partnership between the public and private sectors and opens the way for the development of new financing and housing products that meet the needs of different segments.

This comes within the framework of the amendments. This comes within the framework of the strategy of the “Sakani” program, which seeks to provide flexible and multiple solutions that suit different needs and accelerate the pace of ownership for Saudi families, in order to achieve the goals of the Kingdom's Vision 2030, which seeks to raise the rate of home ownership to 70%.

What awaits the real estate market?

Observers believe that lowering the age of eligibility, empowering women, and reducing the disposal period will bring about profound shifts in the demographics of the beneficiaries of housing support, forcing real estate developers to offer diverse units in terms of area and price to meet this diversity.

Real estate developers are expected to offer a variety of units in terms of area and price to meet this diversity. It is also expected that competition between banks and real estate finance companies will increase to provide more attractive offers to this large segment of young people and new beneficiaries, which may contribute to the development of innovative financing tools, such as joint loans or extended financing.

These amendments reflect a profound shift in the demographic composition of the beneficiaries of housing support, which requires real estate developers to offer a variety of units in size and price to meet this diversity. <These amendments in the regulation of housing support reflect the Saudi leadership's keenness to enhance the quality of life, realize the aspirations of citizens to own suitable housing, and build a more stable and sustainable society. It seems that the real estate market in the Kingdom is preparing for a new phase of growth and expansion, based on flexibility, justice, and diversity.