RIYADH: The Real Estate Development Fund (REDF) in Saudi Arabia said 140,000 new Saudi families will be able to own their homes this year through the Sakani program.
Mansour bin Madi, CEO of REDF, said this will help meet the housing goals set in the Saudi Vision 2030, the Saudi press agency reported.
The goal is to increase Saudi home ownership to 70 percent.
By the end of 2021, a total of 644,000 families will receive various types of support under the program, the fund chief predicted.
The “Subsidized Loan” program has enabled more than 424,000 Saudi families to have adequate housing from its launch in June 2017 to the end of 2020.
The program provides Saudi nationals with access to residential land, self-built apartment buildings, prefabricated housing units, and housing units under construction, among other things.
Sakani’s digital platforms provide details on the location, equipment and prices of the residential units for immediate and electronic reservation.
The program runs in partnership with the private sector and offers financing options for people who can also build their own home.