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  • 17-04-23

    Sakani Program Benefits Nearly 28,000 Saudi Families in Q1 2023

    (MENAFN) The Sakani Program, founded in 2017 by the Saudi Ministry of Housing and the Real Estate Development Fund, has benefitted nearly 28,000 Saudi families in the first quarter of 2023, according to Saudi Press Agency. The program offers housing options and financing solutions electronically to increase the proportion of Saudi households that own a house to 70 percent by 2030, in line with the objectives of the Housing Program under Saudi Vision 2030.

    In the first quarter of 2023, the program benefitted 27,994 Saudi families, while in July 2022, the number of families benefiting from the program reached 87,467. Last month alone, 10,606 Saudi families benefitted from the program, of which 9,089 families were allotted their first homes.

    The Sakani Program enables homeownership in the Kingdom by creating new housing stock, assigning plots and homes to citizens, and providing financing for their purchases. The program offers its services through multiple channels such as Twitter, Whatsapp Business, and its website, providing real estate consultancy, tax certificates, quotes from financial agencies, and issuance of electronic land records, among others.

    The program also facilitates the electronic issuance of building permits and financing, making it easier for Saudi families to access housing. Ongoing initiatives implemented by the government, including access to finance and regulations standardizations, are reforming the housing market and improving access for Saudi families, according to a report from PwC Middle East.

    Saudi Arabia's housing demand stood at 99,600 houses in 2021 and is expected to increase by more than 50 percent to reach 153,000 homes by 2030. To address this demand, the Kingdom offered 2,957 free plots for eight housing schemes under the Sakani Program distributed across five regions: Riyadh, the Eastern Province, Madinah, Makkah, and Asir.

    The Sakani Program is an essential component of Saudi Vision 2030, a plan to reduce the Kingdom's dependence on oil and diversify its economy. By increasing homeownership, the program aims to improve the quality of life for Saudi families and promote economic growth.

    MENAFN17042023000045014228ID1106023706

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