Real Estate Development Fund distributes 3,000 plots to citizens in Hail



JEDDAH: ARAB NEWS

Published — Tuesday 18 December 2012

Last update 18 December 2012 5:28 pm

| نسخة PDF Print News | A A

The Real Estate Development Fund (REDF) has distributed 3,000 plots to citizens in Hail province as part of the government’s efforts to ease the housing shortage in the Kingdom.
The REDF implemented the land grant project in collaboration with the Ministry of Municipal and Rural Affairs. 
Hail is the first province to benefit from the joint program that was launched two months ago.
The preference in the land grant is given to applicants whose names appeared on a list of people selected for REDF’s housing loans. As such, this grant removed the obstacle for a number of citizens who could have been denied their right to build their own homes after receiving REDF loans worth SR 500,000.
The land grant is finalized only after the municipal authorities’ approval and only after they ensure that the beneficiary did not get a land grant on an earlier occasion, Al-Eqtisadiah business daily reported yesterday. 
The new program is expected to bring down property prices and break the hold of real state businessmen on property prices, according to reports. The program also permits the construction of houses at any location; hence it does not constrain the beneficiary to a land plot decided by the real estate businessmen with vested interests.
Hail Gov. Prince Saud bin Abdul Mohsen had earlier urged the fund managers and the Hail municipality to speed up the land grant process in the province.
The program has also asked 16 mayoralties and 244 smaller municipalities to complete the formalities needed for the land grants and to ensure all the applicants for housing loans are fully qualified for the loan.
Fawaz Al-Shamri, director of the Real Estate Development Fund in Hail, reassured citizens that the land grant project would be effective immediately in Hail, thereby allowing the applicants, whose loans were approved, to commence the construction of their houses as soon as possible. 
Economic consultant Abdullah Al-Ajaji said the construction of 500,000 housing units ordered by Custodian of the Two Holy Mosques King Abdullah at a cost of SR 250 billion would help reduce real estate prices and rents.
Another factor that has kept the house prices high is the spiraling land price. 
Unemployment among Saudis is also said to be one of the reasons that intensified the country’s housing crisis. 
According to some studies the housing demand will continue to outstrip supply, requiring SR 500 billion in financing to construct 1.25 million houses by 2014. 
Total real estate financing is also forecast to reach SR 60 billion by 2013.
Hasan Al-Yamani, director at the Abdul Latif Jameel Real Estate Installments, said recently that the new mortgage law would have a moderating effect on the Saudi real estate market over the short to medium-term, allowing up to 80 percent of Saudi citizens to become first-time homeowners.

What's happening around Saudi Arabia

Custodian of the Two Holy Mosques King Salman prays inside the historic Quba Mosque in Madinah. The king was accompanied by Prince Muqrin, Sheikh Abdul Rahman Al-Sudais, head of the Presidency of the Two Holy Mosques and Prince Sultan bin Salman, ch...
JEDDAH: Shop rentals at certain malls have risen by 200 percent, with this cost likely to be passed on to the consumer, the Jeddah Chamber of Commerce and Industry (JCCI) said here recently. Muhammad Al-Shehri, chairman of the JCCI’s textiles and gar...
JEDDAH: People with special needs can now visit a park that has dedicated services for them.Jeddah Mayor Hani Abu Ras opened Al-Erada Park in Al-Salama district on Prince Sultan Street on Thursday.“The Kingdom provides special care for people with di...
JEDDAH: Is involvement in social media the right thing or wrong, particularly in the month of Ramadan? There is a difference of opinion with some arguing that it eats into the time that should be spent praying while some backing it for its religious...
RIYADH: The Argentine government has thanked the Kingdom for previously hosting its Umrah pilgrims for free.“They were part of a group invited by then Custodian of the Two Holy Mosques King Abdullah,” said Ambassador Jaime Sergio Cerda on Thursday.“T...
RIYADH: The Ministry of Education’s counseling department has approved the Rifq Program for the physical and psychological well-being of students.Nabil Mohammad Al-Budair, director of counseling for boys, said the program aims to reduce violence in p...
RIYADH: Sales of fireworks at public markets and main roads in Riyadh have increased during Ramadan, despite the Ministry of Commerce and Industry announcing a SR5,000 reward for anyone providing information about warehouses storing these dangerous i...
RIYADH: The General Organization for Social Insurance (GOSI) has reported that there were 69,241 work-related accidents in 2014, with expatriates making up 65,509 or 94.6 percent and Saudis 3,732.The accidents were in nine sectors with building and c...
JEDDAH: The Health Ministry’s expenditures over the past five years increased from SR29.29 billion to SR53.73 billion, an increase of about 83 percent.According to a study detailing the ministry’s expenditures between 2008 and 2012 issued by the mini...
RIYADH: Five people from the southern Indian state of Kerala were killed in a road accident at Salwa near Dammam in the Eastern Province early Thursday morning.Manoj Kumar, community welfare attache at the Indian Embassy, told Arab News that the vict...
MAKKAH: The government has deployed eight helicopters over Makkah to track the movement of vehicles and people, and assist in security tasks and medical evacuations.Maj. Gen. Mohammad Al-Harbi, commander of the Interior Ministry’s aviation security d...
JAZAN: A Yemeni woman (A.M.) has once again experienced freedom and a renewed sense of hope in life after reuniting with her family last week on her release from Jazan General Prison, where she spent six years on charges of murder of a citizen in the...
RIYADH: A delegation from the Kingdom recently visited the United Arab Emirates (UAE) to explore that country’s successful experience in tourism, in a bid to further develop the sector. Saudi Arabia has been making all-out efforts to promote tourism,...
RIYADH: The Justice Ministry has appointed 1,145 candidates for jobs in the judiciary and urged them to complete the requirements for their final appointment. The candidates in the sixth and fourth ranks are requested to fulfill employment prerequisi...
JEDDAH: Four thousand Djibouti workers are expected to arrive in the Kingdom over the next few months following the labor pact signed between the two countries last month.Speaking to a local publication recently, Djibouti Ambassador Diaa Eddin Saeed...

Stay Connected

Facebook