Arab News, Mon, Mar 25, 2024 | Ramadan 15, 1445
Saudi Real Estate Fund boosts homeownership with $257m for Sakani program
Saudi Arabia:
Homeownership in Saudi Arabia is set to increase as the Real Estate Development
Fund deposited SR963 million ($256.7 million) into the accounts of Sakani
beneficiaries for March.
The funds were disbursed to beneficiaries through
the Ministry of Municipal and Rural Affairs and Housing, as per the Saudi Press
Agency.
The Sakani program facilitates homeownership by
providing affordable housing options and financing assistance, particularly
targeting individuals facing challenges in accessing the housing market.
Mansour bin Madi, the CEO of the fund, clarified
that the total support for the current month of March was allocated to bolster
profits of various housing support contracts.
He highlighted that the total amount deposited
into the Sakani beneficiaries’ accounts since the announcement of the
transformation scheme in June 2017 until March reached approximately SR57.5
billion.
Bin Madi explained that the continuity of housing
support confirms the ongoing efforts to assist beneficiaries in owning suitable
housing in partnership with financial institutions.
This comes in line with achieving the targets of
the housing program — one of the components of Vision 2030 — to raise the
citizens’ housing ownership rate to 70 percent and provide sustainable housing
and financial solutions through building supportive systems and legislation.
REDF offers housing aid services through over 43
digital platforms via the fund’s electronic portal.
Additionally, it provides the “Design Your
Support” service within the Real Estate Advisor platform, allowing beneficiaries
to tailor their housing support and access optimal financial and housing
recommendations.
Moreover, the unified call center and social media
channels address beneficiaries’ inquiries and questions.
The Sakani scheme has transformed Saudi Arabia’s
housing market by offering financing options such as rent-to-own and mortgages,
enabling citizens to achieve their homeownership aspirations.
It assists first-time buyers by providing guidance
throughout the process and facilitating financing.
Moreover, the initiative addresses citizen housing
needs and promotes nationwide community development, showcasing the impact of
the housing program.
Through innovative services and financing options,
Sakani not only transforms the housing market but also contributes to broader
community development initiatives, demonstrating its pivotal role in shaping the
future of Saudi Arabia's residential landscape.