- The Real Estate Development Fund allocated SR963 million ($256.7 million) in March to Sakani beneficiaries, enhancing housing affordability and accessibility in Saudi Arabia.
- The Sakani program aligns with Vision 2030 by aiming to increase homeownership to 70%, providing sustainable housing solutions, and fostering collaboration with financial institutions to address housing challenges.
- Sakani offers diverse financing options like rent-to-own and mortgages, along with digital platforms and personalised support services, revolutionising the housing market and promoting nationwide community development.
The Real Estate Development Fund has deposited SR963 million ($256.7 million) into the accounts of Sakani beneficiaries for March, as disclosed by the Saudi Press Agency. These funds were disbursed through the Ministry of Municipal and Rural Affairs and Housing to facilitate homeownership in Saudi Arabia.
The Sakani program is aimed at enhancing homeownership. It offers affordable housing options and financial aid. It targets especially those individuals who are encountering obstacles in accessing the housing market. Mansour bin Madi, the CEO of the fund, clarified that the support allocated for March aimed to enhance the profitability of various housing support contracts.
He emphasised that the total amount deposited into the accounts of Sakani beneficiaries from the inception of the transformation scheme in June 2017 until March stands at approximately SR57.5 billion. This significant investment underscores the commitment to addressing housing challenges and fostering homeownership opportunities for Saudi citizens.
Bin Madi highlighted that the continuation of housing support underscores ongoing efforts to assist beneficiaries in acquiring suitable housing in collaboration with financial institutions. This aligns with the goals of the housing program which is a key component of Vision 2030.
The housing program of Vision 2030 aims to increase the citizens’ housing ownership rate to 70 per cent. The program also aims to provide sustainable housing and financial solutions by establishing supportive systems and legislation.
REDF delivers housing aid services through more than 43 digital platforms accessible via the fund’s electronic portal. Moreover, it also offers the “Design Your Support” service on the Real Estate Advisor platform. It enables beneficiaries to customise their housing support and access optimal financial and housing recommendations.
Furthermore, the unified call centre and social media channels are available to address beneficiaries’ inquiries and questions, ensuring efficient communication and support.
The Sakani scheme has redefined Saudi Arabia’s housing market. It provides financing options like rent-to-own and mortgages, empowering citizens to fulfil their aspirations of homeownership. It guides first-time buyers throughout the process and facilitates financing, ensuring accessibility to housing.
Furthermore, the initiative addresses the housing needs of citizens and promotes community development on a nationwide scale. It demonstrates the significant impact of the housing program.
Through the introduction of innovative services and financing options, Sakani revolutionises the housing market. It also contributes to broader community development efforts, highlighting its crucial role in shaping the future of Saudi Arabia’s residential landscape.
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Last Updated on March 25, 2024 by Safiya K
