Month: October 2024

55.76 billion riyals of new housing finance for individuals in 8 months

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Saudi Central Bank

Reading time: 2 MinutesNew residential mortgage lending to individuals in Saudi Arabia saw a significant increase during the first eight months of 2024, reflecting growing demand for residential real estate and continued economic stimulus. According to data from the Saudi Central Bank (SAMA), the volume of new residential financing for individuals reached approximately 55.76 billion riyals, marking a 2.71% increase compared to the same period last year. In … Read more

Al-Haqeel inspects development projects in Northern Borders and launches municipal and residential initiatives

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Reading time: < 1 MinuteHis Excellency Majid bin Abdullah Al-Hogail, Minister of Municipalities and Housing, inspected yesterday the progress of municipal and housing projects in the Northern Border Region, which is overseen by the regional secretariat, to review the latest developments and levels of completion in these projects and development initiatives. Al-Hogail witnessed the inauguration of a number of completed housing projects and the launch of a series of new and future projects, in addition to the handover of a number of … Read more

Everything you need to know about elevators Types, selection, and maintenance

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Reading time: 2 MinutesElevators are considered vital components of modern buildings, as they facilitate the movement of people and goods between different floors. With increasing urban growth and the rise of skyscrapers, understanding the different types of elevators and how to select and use them properly has become crucial. By following the tips below, users can make the most of elevators while ensuring their own safety and that of others, … Read more

767 billion riyals in mortgage loans in a year… Individuals and companies drive demand

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Real estate investment

Reading time: < 1 MinuteAmid economic shifts and government initiatives to bolster the housing sector, mortgage financing in Saudi Arabia is experiencing unprecedented growth. The Saudi Central Bank (SAMA) report on financial stability for 2023 reveals a notable increase in mortgage loans, reflecting growing interest among individuals and companies in real estate ownership amid an economic environment that encourages real estate investment. The Saudi Central Bank reported … Read more

How to use the Ministry of Municipalities and Housing's “Smart Assistant” service

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Reading time: 2 MinutesOn September 11, 2023, the Ministry of Municipal and Rural Affairs in Saudi Arabia launched the Smart Assistant service as part of its efforts to promote digital services and improve the citizen experience. This project is part of the Kingdom’s Vision 2030, which aims to achieve digital transformation and facilitate access to government services. In this report, we will discuss the details of the Smart Assistant, how it works, its objectives, and how to use it. … Read more

“Saudi Real Estate Refinancing” and ”Daman” Sign a Memorandum of Understanding to Reduce Financing Costs

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Residential program

Reading time: 2 MinutesThe Saudi Refinance Company (SRC)—a subsidiary of the Public Investment Fund—has signed a memorandum of understanding with the Saudi Housing Guarantee Services Company “Damanat”; with the aim of guaranteeing the residential mortgage portfolios owned by SRC and the portfolios being acquired, thereby contributing to reducing the cost of financing for the target segments and increasing the number of beneficiaries of mortgage financing, under the auspices of … Read more

Riyadh Civil Defense launches preventive supervision program for the safety of tall buildings

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Riyadh - Saudi Real Estate Market

Reading time: < 1 MinuteThe Civil Defense Directorate in the Riyadh region has launched a preventive inspection program for the safety of high-rise buildings, covering all existing high-rise buildings and those under construction, to ensure compliance with safety and fire protection requirements and to assess preventive measures. Civil Defense firefighting teams are participating in conducting tests on the use of safety and fire suppression systems in existing buildings and verifying that there are no obstacles in … Read more

Jeddah Municipality warns of violations of commercial buildings and their impact on people's safety

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Jeddah Municipality - Unauthorized Buildings

Reading time: 2 MinutesThe Jeddah Provincial Secretariat has warned of the consequences of building violations on commercial streets and the failure of owners to obtain certificates of compliance, ranging from visual disturbances to direct impacts on public safety, emphasizing “the necessity of addressing these violations to avoid any potential risks.” The Secretariat identified a range of violations and risks expected to occur if they continue, particularly those related to design, the most notable of which are encroachments … Read more

Restoring 3 government sites on the Sharm Abhar front with an area of more than 23,000 m2

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Reading time: < 1 MinuteThe Jeddah Provincial Secretariat, in collaboration with relevant authorities, continues its efforts to reclaim government-owned land and protect public property from encroachments on waterfronts and beaches, This week, it reclaimed three sites covering an area of 23,125 square meters along the northern Abhur waterfront, while removing illegal encroachments—including fences and buildings—on the beaches in the northern Abhur area. It emphasized … Read more

Gulf Municipal Labor Conference concludes in Riyadh It recommends adopting modern technologies that promote smart cities

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Reading time: 2 MinutesThe 12th Gulf Municipal Work Conference concluded yesterday. The event was organized by the Ministry of Municipalities and Housing in cooperation with the General Secretariat of the Gulf Cooperation Council and was held in Riyadh from October 6 to 8, under the patronage of His Excellency the Minister of Municipalities and Housing, Mr. Majid bin Abdullah Al-Hogail, and with the participation of numerous government officials and experts involved in municipal affairs in the Gulf states. The conference issued … Read more

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