Saudi Arabia’s Housing Ministry announced that its Sakani program is offering up to 300,000 housing and financing options.
The Kingdom’s national housing program offers allocated residence units within the Housing Ministry's projects, while noting that more accommodations are under construction.
Riyadh had announced a major housing development program under which more than 19,000 residential units will be built in major areas of the Kingdom for beneficiaries of its Sakani scheme.
The Housing Ministry has partnered with banks and financing institutions to provide underprivileged citizens with free land or subsidized mortgage loans to help land plot owners to build their own homes.
Over the past year, the ministry provided more than 282,000 housing and financing options to applicants qualified for government-supported housing, bringing the total number of products launched by the ministry in just two years to more than 583,000.
The ministry is looking to increase the national rate of property and hosing ownership among citizens by 60 percent in 2020 and by 70 percent in 2030.
The ministry has signed five agreements with four property developers to set up the villas and townhouses in Riyadh, Jeddah, Buraidah and Al Khobar.
Khalid Al Amoudi, General Supervisor of the Real Estate Development Fund, said that the fund succeeded in issuing 100,000 loans in partnership with banks and financing institutions.
More than 53,000 families benefited from state-facilitated housing.
The second and final installment of this year's Sakani program included 14,789 housing initiatives with 1,240 units and 1,346 loans allotted to Makkah and 656 units and 2,189 loans allotted to the Riyadh.
At least 1,210 housing units and 1,414 loans were issued in the Eastern Province. As for the Tabuk region, 504 units and 299 loans were granted.
