Amlak - Special: Housing Minister Majid Al-Hogail confirmed that the ownership rate reached 62.5 %; he attributed this progress to pumping a large number of units in partnership with the private sector in addition to providing large loans to beneficiaries; where the number of beneficiary families during the past year reached 165 thousand families, indicating that this figure indicates the existence of a suitable supply of housing units and demand for purchase, this came during his hosting on the budget meeting program TV on Al-Ikhbariya channel, explaining that housing projects achieve quality life by integrating its various services. (Real estate financing)
14 billion riyals for the Building Technologies Incentive Program
Majid Al-Haqeel revealed that the Building Technologies Incentive Program has been allocated a budget of 14 billion riyals and will support Saudi factories to adopt modern building technologies. Al-Haqeel explained that construction technologies in Saudi Arabia are still in the first generation, while most countries in the world have reached the third generation of construction technologies, indicating that 65 projects pumping 125,000 housing units in the ministry's projects in partnership with the private sector use various modern construction technologies, which helped speed up completion.
Haqeel revealed that the construction technology incentive program has been allocated a budget of 14 billion riyals.
The "Building Technology Incentive" initiative aims to develop smart housing units with sustainable solutions to address the demand gap for affordable housing units by stimulating the adoption of innovative building technologies in the building and construction sector and localizing them in the Kingdom, which leads to reducing the cost of establishing housing units and aligning them with the purchasing power of beneficiaries. Since mid-2017, the Ministry of Housing has activated about 7 modern building technologies to implement its current projects in partnership with the private sector.
The Ministry of Housing has activated about 7 modern building technologies to implement its current projects that are carried out in partnership with the private sector.
99 plans approved. And 6 thousand in an owners" association
Approving 99 plans.
Al-Hogail said that the ministry has approved 99 plans in very short periods through the Developer Services Center "Completion", and sorted more than 33 million square meters of real estate units, and more than 6 thousand owners" unions have been registered, and Al-Hogail explained that the union system will appear soon to regulate the relationship more to allow families to own homes in areas with common services such as buildings and residential complexes and this trend helps pump more diversified housing units.
Hogail explained that the ministry has approved 99 plans in very short periods of time through the Developer Services Center "Completion", and more than 33 million square meters of real estate units.
Haqeel said that the ministry has trained more than 900 building inspectors who inspect buildings according to sustainable building standards by our sons and daughters engineers, and the program helps families to ensure and test the quality of construction, and so far 7 thousand citizens have benefited from the service.
Haqeel said that the ministry has trained more than 900 building inspectors who inspect buildings according to sustainable building standards that are carried out by our sons and daughters engineers.
1.8 billion riyals to support infrastructure for projects
The Minister of Housing explained that 1.8 billion riyals from white land fees have been pumped into infrastructure projects in the housing sector such as electricity, water and a number of basic services. 400 million square meters of white lands have been invoiced in 4 cities. He stressed that the program stimulates owners to develop real estate. On the Ejar program, the minister explained that 400 thousand contracts have been documented in Ejar and this has encouraged the regulation of the relationship between the landlord and the tenant.
He added that the ministry focuses on stimulating supply in the housing market, noting that there are 350,000 to 400,000 housing units entering the market annually, some for ownership and others for rent. He explained that there are 3 elements that ensure the efficiency of supply and demand, including the speed of obtaining licenses, flexibility of regulations, development capabilities and access to financing.
54 initiatives in the housing sector
Haqeel said that the ministry was able to overcome the challenges facing the sector by creating a harmonious organizational relationship between the needs of citizens, service providers and government agencies, which helps in accelerating citizen service and meeting their diverse needs.
Haqeel stated that there are 54 initiatives based on four main pillars, all of which work to increase the percentage of citizen ownership of housing by supporting demand and supply, supporting legislation and supporting the citizen, and thank God we exceeded our target in 2019 and are moving in 2020 to achieve the goal of raising the ownership rate to 60%, increasing the satisfaction rate of citizens, providing regulatory programs, legislation and programs, increasing local content and increasing workers in the housing sector of both sexes.
Haqeel stated that there are 54 initiatives based on four main pillars that all work to increase citizen ownership of housing.
Housing achievements in 2019 speak for themselves
About the main achievements of housing and finance, Al-Haqeel explained that the ministry has achieved many direct achievements on the ground, including:
Serving 300,000 families through various housing programs, exceeding the 2019 target of 200,000 families.
The number of households benefiting from mortgage subsidies increased from an average of 20,000 households to 165,000, indicating an adequate supply of housing units.
The number of households benefiting from mortgage subsidies increased from an average of 20,000 households to 165,000 households.
Delivered 90,000 plots of land for citizens to start their homes.
14 thousand housing units have been delivered to more than 285 charitable organizations.
14 thousand housing units have been delivered to more than 285 charitable organizations.
106 thousand families have already lived in their homes
.Ministry targets in 2020
Serving 300,000 households.
130,000 to 140,000 households will live in their new homes.
130,000 to 140,000 households will live in their new homes.
Injecting 100,000 new housing units worth 65 billion riyals.
Injecting 100,000 new housing units worth 65 billion riyals.
204 thousand families benefited from financing contracts.
100 billion riyals will be pumped into financing contracts.
90,000 free land.
Offering 90,000 free land.
Owning 30,000 housing units with a usufruct system worth 11 billion riyals.
Working with 72 Saudi infrastructure contractors.
Working with 72 Saudi infrastructure contractors.
335 investment opportunities with the private sector.
Managing challenges in the housing sector
Haqeel emphasized that the ministry is still working on managing the challenges in the housing sector by the readiness of infrastructure to deliver free land or project land, the ability of the financing sector to absorb a larger number of people in a short time, and providing various housing options with prices that match the purchasing power of citizens, all these challenges contribute to the ministry's strategic goal to facilitate and enable families to own their first home, which is our most important priority.
Haqeel stressed that the ministry is still working on managing the challenges in the housing sector by the readiness of infrastructure to deliver free land or project land.
Haqeel referred to the ministry's cooperation with various government agencies that are related to housing services such as the Monetary Authority, Ministry of Municipal and Rural Affairs, Agriculture, Water, Electricity Company, Civil Defense and other agencies whose jurisdictions overlap with the Ministry of Housing.
Haqeel said.
Some links to news and reports from Amlak Real Estate Newspaper Issue 187
Real Estate Finance - Real Estate Projects - Investment Opportunities - Licenses
Real Estate Finance - Aramco Stocks - Building & Construction - Real Estate Finance
Editor-in-Chief Abdulaziz Al-Issa explains the story behind the Amlak Real Estate logo
Minister of Housing reviews 2019 achievements and reveals 2020 targets
Al Rajhi REIT acquires educational properties with a purchase value of 210 million riyals
Malakia Investment Company acquires Riyadh hotel apartments worth 50 million riyals
Saudi Arabian Business Magazine recognizes Riyad Bank as "Fastest Growing Bank in 2019"
Ejar program closes 2019 with 570,000 leases and 48,000 inspections
Minister of Housing calls on the private sector to support the Good Housing Initiative
Real Estate Finance
Al Rajhi Bank Concludes Corporate Credit Risk Management Program CMA approves 30% shares of Amlak International Real Estate Finance Enmaa Bank Passes Global Business Continuity Benchmark Reports expect 1.22 million homes to be financed during Vision 2030 Analysis. Saudi REITs are positive for 9 months
UNDP provides technical support for "Development Housing" initiatives Rusaifa Jewel Housing Project on schedule 12 banks and 5 finance companies shortened the mortgage journey
