Saudi Arabia’s Sakani program benefits 80,000 families in H1 2019

Around 80,600 families across Saudi Arabia benefited from the Sakani program’s various residential options in H1 2019, including 38,400 who have already received their units.

A total of 12,400 families, registered in the waiting lists of Ministry of Housing and the Real Estate Development Fund (REDF), benefited from the program's residential options and financing solutions in June.

Also, a total of 4,690 famlies have already received their units, as the program is currently delivering more units to beneficiaries on a monthly basis.

Additionally, the Saudi program announced 157,000 beneficiaries in 2018 and 13,200 families in May.

"Sakani seeks to raise the home ownership rate in the Kingdom to 70 percent by 2030," stated the spokesperson of the Ministry of Housing, Saif bin Salem.

Sakani is also proceeding with the construction of 53 residential projects across the Kingdom at affordable prices ranging between SAR 250,000 to SAR 750,000.

In June, REDF said it would increase subsidized financing to beneficiaries who earn over SAR 14,000 monthly by 5 percent for every salary increase of SAR 1,000.

Earlier this year, Sakani said 200,000 families can benefit from the program's various options including mortgage loans, fee-free landplots, and under-construction units.