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

RIYADH: The Ministry of Education (MoE) has allocated over 180 clinics for schools in Riyadh and directed all its departments across the Kingdom to recruit health advisers at schools with more than 100 students.Work has already started on introducing...
RIYADH: The Moroccan experience in desert tourism is largely similar to that of Saudi Arabia, which boasts of a unique diversity in culture in its different regions, Prince Sultan bin Salman, president of the Saudi Commission for Tourism and National...
JAZAN: Deputy Crown Prince Mohammed bin Salman visited the advanced field hospital of the Armed Forces in Jazan on Tuesday.He was reassured about the injured in the ongoing battle. He conveyed the greetings of Custodian of the Two Holy Mosques King S...
JEDDAH: The planned “North Thunder” military exercise is a clear message to Iran and the countries in the region it supports that any hostile intentions and actions will be firmly dealt with, an expert has said.The military drill is scheduled to be h...
RIYADH: Syrian conjoined twins will be separated at the King Abdullah Specialist Children’s Hospital at the King Abdul Aziz Medical City (KAMC) in Riyadh on Sunday.According to a KAMC spokesman, the forthcoming surgery will be the fourth and final st...
JEDDAH: Education Minister Ahmed Al-Issa has issued an order to establish a department for school security. It will be be linked organizationally to the general supervisor of school safety and security at the ministry.According to the decision, schoo...
JEDDAH: From delivering mails for Saudi Aramco to captaining Saudi Arabian Airlines’ first flight to New York, Jazza Al-Shammari’s career story is unique.“I started my career as a postman with Saudi Aramco in 1959 and continued the primary studies at...
RIYADH: A team of the King Faisal Specialist Hospital & Research Center (KFSHRC) has identified a gene responsible for cardiomyopathy.Dr. Zuhair bin Nasser Al-Hasnan, KFSHRC medical genetics consultant, said the team conducted a study on a Saudi...
JEDDAH: The Pakistan Welfare Society (PWS) organized a free medical camp and discussion on health for women at the Pakistani Consulate recently.Doctors and specialists diagnosed patients and distributed free medicines to needy patients, and arranged...
JEDDAH: Yemen Vice President and Prime Minister Khaled Bahah has thanked Saudi Arabia for standing by his country during tough times.Speaking at the World Government Summit in Dubai on Tuesday, he said: “Our GCC brothers, particularly Saudi Arabia, s...
RIYADH: Saudi Arabia joined the rest of the world in intensifying public awareness on cancer with activities spread over the week supporting the global cause that aims to save millions of lives every year by raising awareness and education about the...
RIYADH: Chairman of ACWA Power International Mohammed Abu Nayyan thanked King Mohammed VI of Morocco for personally inaugurating Morocco’s first solar power plant, Noor1, built by an international consortium led by his company.“We were extremely priv...
RIYADH: The Ministry of Health is considering imposing an asset declaration as well as an absence of interest conflict testimony on its employees as a measure in fighting corruption.Health Minister Khalid Al-Falih made the announcement at a one-day f...
DAMMAM: Abdussalam Kanniyan, chairman of the International Indian School in Dammam (IISD), has been honored with the “Person of the Year 2015” award by Vatakara NRI Forum, a community group in the Eastern Province.The award was based on his outstandi...
RIYADH: Andrej Plenkovic, the leader of the European Parliament Foreign Affairs Committee delegation, on Tuesday hailed Saudi Arabia for its yeoman services in looking after the displaced Syrians in countries such as Lebanon, Jordan and Turkey.“We fu...

Stay Connected

Facebook