Economic and real estate experts have confirmed that the Ministry of Housing\u2019s projects and initiatives over the past seven years have helped cut real estate prices in half and ensured housing for the majority of citizens, regardless of their purchasing power. This is evidenced by the high demand at sales centers for these products, as seen recently at Sundus in Jeddah, the Al-Mubarraz project, and the North Riyadh project, where units were reserved by citizens within a maximum of one month.<\/p>\n
The price level is favorable for buying<\/strong><\/p>\n The Ministry had previously set, via the \u201cIskan\u201d portal, the prices of housing products under the \u201cSakani\u201d program between 250,000 and 750,000 riyals, The current housing and financing options are tailored to the needs of all citizens and vary each month to include interest-free mortgages, as well as land designated for construction and ready-to-move-in housing units that vary in size and location.<\/p>\n Experts have emphasized the impact of the new financial mechanisms, programs, and solutions adopted by the Ministry\u2014building on the initiatives it launched in 2017, the introduction of 280 housing units, and its commitment to offering approximately 300,000 in 2018\u2014ranging from free land and housing units to mortgage financing\u2014will reinforce the government\u2019s goal of increasing the proportion of Saudi citizens who own homes compared to those who rent. According to a survey conducted in 2017, the General Authority for Statistics announced an increase in the percentage of Saudis who own homes, reaching 49%.<\/p>\n Addressing the Shortcomings of the Past Period<\/strong><\/p>\n For his part, real estate developer Yasser Awad highlighted the ministry\u2019s success in reducing the prices of its housing products, explaining the need to address the shortcomings that occurred in the past, the foremost of which is ensuring that its real estate products\u2014whether residential units, villas, or financing products\u2014are commensurate with citizens\u201d purchasing power.\u201c He noted that \u201dfailure to take this aspect into account has caused major problems that have disrupted the overall landscape of the real estate sector in the Kingdom. For example, the real estate loans provided by the Real Estate Development Fund to citizens without considering their financial situation or their ability to make timely loan payments, This caused financial crises for the fund that could have been avoided had it taken into account\u2014at the time\u2014the borrowers\u201c financial capacity,\u201d noting that \u201cthe availability of government financing in the past led to price increases resulting from a shortage of real estate supply.\u201d.<\/p>\n He added, \u201cI believe that lowering the prices of the Ministry\u2019s products is a major step that will boost homeownership rates in Saudi society, as a large number of Saudi families with limited incomes cannot afford the half-million that was previously set as the cost to build a housing unit. Today, a family can find a housing unit for half that amount.\u201d.<\/p>\n Increased supply lowers prices<\/strong><\/p>\n On the same topic, economic analyst Fadl Al-Buainain called for granting the ministry more authority to set prices for housing products in the private sector, and to require real estate developers to offer reasonable prices for both themselves and citizens wishing to purchase. Al-Buainain praised the pricing policy for housing products and the Ministry of Housing\u2019s setting of price ranges, describing it as a positive step that aligns with the ministry\u2019s objectives and Vision 2030, which aims to raise the homeownership rate in the Kingdom from 47 percent to 52 percent by 2020,<\/p>\n Al-Buainain added: \u201cIt should be borne in mind that the Ministry of Housing\u2019s initiative to introduce modern construction technologies will help increase the supply of affordable housing, as well as create jobs for Saudi youth, and involve them in more of the housing projects being developed.\u201d.<\/p>\n Al-Buainain drew attention to the ministry\u2019s policy at the outset of its efforts to address the housing crisis, noting that focusing on providing adequate financing to prospective homebuyers did not solve the problem because it stimulated demand for housing without a sufficient supply of housing units, which led to rising prices.<\/p>","protected":false},"excerpt":{"rendered":" Reading time: <\/span> 2<\/span> Minutes<\/span><\/span>Economic and real estate experts have confirmed that the Ministry of Housing\u2019s projects and initiatives over the past seven years have helped cut real estate prices in half and ensured housing for the majority of citizens, regardless of their purchasing power. This is perhaps evidenced by the high demand at sales centers for these products, as was recently seen at Sundus Jeddah, the Al-Mubarraz project, and the North Riyadh project, where units were reserved by \u2026 Read 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