RIYADH: 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.
