Saudi Arabia Increases Homeownership Through Sakani Program
In a move to boost homeownership in Saudi Arabia, the Real Estate Development Fund has deposited a whopping SR963 million ($256.7 million) into the accounts of Sakani beneficiaries for March. This initiative aims to provide affordable housing options and financing assistance to individuals facing challenges in accessing the housing market.
Managed by the Ministry of Municipal and Rural Affairs and Housing, the Sakani program has been instrumental in transforming the housing market in the kingdom. The CEO of the fund, Mansour bin Madi, emphasized that the support for March was allocated to enhance profits of various housing support contracts.
Since the launch of the transformation scheme in June 2017, approximately SR57.5 billion has been deposited into the accounts of Sakani beneficiaries. This continuous support underscores the commitment to assisting individuals in owning suitable housing in partnership with financial institutions.
Aligned with the goals of Vision 2030, the housing program aims to increase the citizens’ homeownership rate to 70 percent and provide sustainable housing solutions. With over 43 digital platforms, REDF offers housing aid services through its electronic portal, including the innovative “Design Your Support” feature on the Real Estate Advisor platform.
The Sakani scheme has revolutionized the housing market by offering financing options like rent-to-own and mortgages, enabling citizens to fulfill their homeownership dreams. It provides guidance to first-time buyers and addresses citizen housing needs to promote community development nationwide.
Through its innovative services and financing options, Sakani plays a crucial role in shaping the future of Saudi Arabia’s residential landscape and contributing to broader community development initiatives. This program highlights the kingdom’s commitment to increasing homeownership and providing sustainable housing solutions for its citizens.