Completion of 75% of the "Housing" target of 280,000 "Ministry of housing" and "REDF" products: 30,000 housing and funding products are ready for housing subsidy beneficiaries. | Ministry of Housing

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Tuesday 22 Dhu al-Hijja 1441 on August 11, 2020

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25/1/1439 -on- 15/10/2017Completion of 75% of the "Housing" target of 280,000 "Ministry of housing" and "REDF" products: 30,000 housing and funding products are ready for housing subsidy beneficiaries.
The Ministry of Housing and Real Estate Development Fund revealed the details of the ninth batches of the "Sakani" program. The total number of residential and funding products announced was 30569 products distributed across all regions of the Kingdom and varied between developed free land, residential units through the off-plan sales program and support loan. The number of residential and finance products announced since the launch of the program has been more than 215 thousand residential and funding products to achieve a compliance rate exceeding 75% of 2017 target, where the Ministry and the Fund announced their intention to provide 280 thousand housing products and funding this year, the ministry has signed 11 agreements with developers Real Estate to implement the housing units of this batch.
 
This came during a press conference of the "Sakani" program on Sunday, and the figures showed the allocation of 13903 housing units through the off-plan sale program in partnership with real estate developers, and 8699 free land in a number of regions of the Kingdom, and 7700 support loan in partnership with financial institutions and local banks, Bringing the total number of residential and funding products allocated since the launch of the program earlier this year to 215075 residential and funding products, two months before the end of the first phase of the program, which aims to reach 280 thousand residential and financial products during 2017.
 
The details of the residential products that were announced by 13903 residential units in the off-plan sales program are divided into 1964 in Riyadh, 1182 in Medina, 9257 in Eastern Province, 1500 housing units in Al Jawf, while the subsidized funding is distributed to 13 regions as follows, Riyadh, 2553, Makkah 1013, Al Madinah Munawara 457, Eastern Province 818, Al Qassim 792, Asir 603, Ha'il 369, Tabuk 233, Al Baha area128.
 
As for the distribution of free developed lands, the total number of lands reached 8966, Riyadh's share was 869, Mecca 2485, Medina 106, Eastern Province 1012, Asir 2191, Ha'il 728, Najran 1228 and Al Baha 347.
 
HRH Prince Saud bin Talal bin Badr Al Saud, Advisor and General Supervisor of the Ministry of Housing Subsidy and Branches, confirmed that the ninth batches of the program come as an extension of the previous ones through which the ministry aims to achieve its target during this year by providing 280 thousand housing and funding products. That come in conjunction with this batch and will be held 12 exhibitions in a number of cities in the Kingdom, that through which will allocated over 20 thousand housing units ranging from villas and Town House.
 
He added: "The high turnout witnessed by the Ministry's exhibitions resulted in the completion of the booking of five projects are north of Riyadh, Al-Mubarraz in Al-Ahsa, Al Khobar and Emaar Rabigh projects, indicating that the coming period will see the launch of more exhibitions in a number of cities in the Kingdom.
 
For his part, the supervisor of the Partnership program with the Private Sector in the Ministry of Housing Ahmed Mandoura, explained that the partnership with the private sector to start building thousands of housing units of various options with high quality and suitable price, aimed at providing more residential products commensurate with the purchasing power of applicants on the housing subsidy portal at prices ranging from 250 to 700 thousand riyals, stressing that the units that are provided through off-plan sales fairs will have a role in providing adequate housing for citizens, as they are handed within a period not exceeding three years from the date of allocation, in addition to its impact in the reduction of waiting periods and to achieve the main target to raise the proportion of ownership to 52%, in line with the Saudi Vision 2030, and the national transformation program 2020.
 
Mr. Al Amoudi, General Supervisor of the Real Estate Development Fund, said that the fund continues to reduce the waiting lists and accelerate the access to subsidized financing in partnership with banks and financial institutions, which will reduce the waiting period from 11 years to 5 years as maximum, indicating that the new mechanism of support loan works to support 6 citizens in exchange for one citizen of the previous mechanism.
 
Al Amoudi pointed to the decision taken by the Fund Board of Directors to launch the mortgage guarantee program, which aims at providing mortgage funding to the beneficiaries of the real estate development fund by banks and financing companies to cover the risk ratio of the financing entities in cooperation with the Ministry of Finance and the sama. That it is expected to serve a large segment of those on the waiting lists and will be implemented immediately after completion of its procedures, and the Board of Directors approved the transfer of applications for loans that are still waiting (the case of the request is valid), which the owners wish to assign to a direct family member who applicable to the lending terms of the Fund.
The ceremony witnessed the signing of 11 agreements with real estate developers to implement 13 projects with a total of 13903 housing units representing the announced in this batches, including two projects in the city of Riyadh, and nine projects in the eastern region, distributed between the cities of Dammam, Al-Ahsa, Khobar and Qatif, In Yanbu Al-Bahr in Madinah Region, and another in Sakaka in Al-Jawf Region.
 
The Ministry of Housing and the Real Estate Development Fund are inviting citizens to visit the Sakani program portal (sakani.housing.gov.sa) to check the list of names for this month, as well as visit the Housing Subsidy Portal (eskan.gov.sa) Real Estate (redf.gov.sa), to complete the necessary procedures and update the data and approval upon the selected product.