Saudi housing ministry launches Sakani 2019

Saudi Arabia’s housing ministry today launched Sakani program – 2019, that includes allocation of 200,000 housing products in major areas of the Kingdom for beneficiaries of the Sakani scheme.

These products will comprise mortgage units, under-construction units, off-plan units (Wafi), and plots of land allocated free of cost.

A total of 50,000 units will be built under the public-private partnership (PPP) model.

The ministry also seeks to build 70,000 residential units using the modern techniques and develop 69 million square meters (sq m) as free-of-cost land plots.

The program will also comprise 100,000 mortgage loans secured by the Saudi Real Estate Development Fund (REDF).

The waiting lists for applicants will be cut by 75 percent by 2019-end, and there will be no waiting-list candidates in 2020.

In December 2017, the Saudi Ministry of Housing, in cooperation with the REDF announced the launch of the Sakani II program for 2018, which includes 300,000 housing and financing products.