Riyadh: Sakani Empowers Thousands of Saudi Families with Housing Options
A whopping 32,343 Saudi families found hope in Sakani’s housing options during the first quarter of 2024, showcasing a remarkable 15 percent yearly increase.
In partnership with the Real Estate Development Fund and financial institutions, the program offers a range of housing support packages to incentivize first-time homebuyers, including non-refundable financial aid of SR100,000 ($26,659) or SR150,000.
The Kingdom witnessed 25,391 households purchasing their first homes within the initial three months of the year, underscoring Sakani’s commitment to providing diverse residential options and financial solutions.
Established in 2017 by the Saudi Ministry of Housing and the Real Estate Development Fund, Sakani strives to elevate the homeownership rate to 70 percent by 2030 as part of Vision 2030’s economic diversification strategy.
Recent data from Sakani revealed that 12,184 households benefited from the program in March alone, with 9,381 Saudi families securing their inaugural residence.
In a noteworthy announcement in January, Sakani disclosed that over 100,000 Saudi families reaped the benefits of the initiative in 2023, with 98,475 applicants successfully acquiring their first home throughout the year.
The primary goals of the Sakani initiative encompass expanding homeownership in the Kingdom by introducing new housing inventory, allocating plots and properties to citizens, and facilitating financing for their purchases.
The Sakani website and app offer an array of housing facilities and services, including real estate consultancy, issuance of real estate transaction tax certificates, and a display of financing institution rates.
Furthermore, the platform provides electronic financing, land contract disbursements, engineering design services, access to certified contractors, and various other essential services to streamline the homebuying process for Saudi families.