The percentage of families renting housing in Saudi Arabia has decreased to 35%
Wednesday – 20 Safar 1442 AH – 07 October 2020 AD
62% citizen ownership (Middle East)
Riyadh: «Middle East Online»
Saudi Minister of Housing Majed Al-Hogail revealed today (Wednesday) that the percentage of citizens’ ownership has reached 62 per cent, while the percentage of rented families has decreased to 35 per cent, amid the continuing policy of flexibility in work and high efficiency in providing housing products to Saudis.
Minister Al-Hogail said in his statements that the “Housing Program” – one of the “Kingdom’s Vision 2030” programs – “has contributed to the stability and happiness of the family through financing and housing solutions and options to enable it to own its first home, in addition to expanding the use of electronic platforms and applications to facilitate the family’s ownership journey. Through simple steps, ”indicating that“ the families most in need were supported with adequate housing to secure a decent life. An integrated housing system was built that works efficiently to serve the citizen, enhance the attractiveness of investment in the real estate sector, and expand the scope of sustainable partnership in the private sector. ”
He added during his meeting with the Saudi media that the “Sakani” program “contributed to the gross domestic product and strengthened the national economy by raising the percentage of local content in the real estate sector,” stressing that “the sector’s policy stems from the housing program that stems from the goals of (Vision 2030). Which are anchored in 3 main axes; It is: a thriving economy, a vibrant society, and an ambitious nation. ”
The Minister of Housing explained that the ministry used to lend 20 thousand beneficiaries during the year, and today it is lending 20,000 beneficiaries within one month only, praising the role of the Saudi Arabian Monetary Agency, which had a “major role in reducing the down payment percentage from 30 percent to 10 percent. Pointing out that “there are 458 thousand citizens who have benefited from the units under construction and the options of free lands and self-construction,” indicating that “there are more than 252 thousand citizens who have lived in their homes, while the number of beneficiaries of (residential) options reached 42 thousand beneficiaries per month.” .
He continued: “The ministry, through the policy of supporting the offer, has provided more than 205 residential land plans that will provide more than 175 thousand residential plots of land, in addition to encouraging white landowners to develop them,” indicating that the ministry “collected white land fees of 1.4 billion riyals. Spent it to implement the infrastructure for housing projects ».
According to Minister Al-Hogail, the developmental housing program, which targets the most needy families, through which the Ministry – in partnership with NGOs – was able to provide tens of thousands of housing units under the usufruct system, with contracts amounting to 11 billion riyals, and provided 24,000 housing units.
He indicated that the Ministry is reviewing regulations and legislation to provide a balanced and sustainable housing environment through a number of programs. These include: “sustainable construction”, “wafi”, “rent”, “owners”, “itamam” and “sorting real estate units.” He noted that the Ministry has provided housing services with special benefits for employees of various government agencies, such as partnering with the Ministry of Information to provide housing services to its employees, and giving them special residential neighborhoods in the major residential suburbs (Riyadh – Jeddah – Dammam), indicating that the level of satisfaction with housing products has reached 88%. Cent.
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