RIYADH: Saudi Arabia’s homebuyers would soon be able to cope with the undue strain of buying a house, with the Shura Council calling upon the Real Estate Development Fund to reevaluate its policies in favor of the people.
According to El-Ekhbariya TV, the council urged the fund to consider encouraging real estate developers to sell residential units with affordable installments.
In a resolution passed during the joint session on Wednesday, the council also requested a study to explore the possibility of increasing the nonrefundable amount provided by the fund to citizens, aiding them in acquiring their homes.
Furthermore, the council encouraged the fund to explore diverse investment opportunities to ensure long-term financial sustainability.
The potential changes in support mechanisms and increased investment opportunities also signal a commitment to bolstering the country’s property market while developing financial sustainability for citizens and the fund.
This development is expected to significantly impact the housing market and potentially open new avenues for citizens to achieve their homeownership dreams.
It remains to be seen how the fund will respond to the Shura Council’s call for reevaluating its housing support policies. Still, this move marks a positive step toward addressing housing issues in Saudi Arabia.
In June, the fund deposited SR916 million ($244.1 million) in the accounts of affordable housing beneficiaries.
According to the Saudi Press Agency, the total amount deposited from June 2017 to June 2023 surpassed SR49.3 billion.
Additionally, the fund approved over 115,000 requests out of the 148,000 submitted to get clearance on the various stages of house construction, which included people seeking to build their own homes.
To streamline the process, the fund set up electronic channels to enable people to update the construction phases of their homes, ensuring the required engineering and technical standards are met.
The Kingdom aims to increase the proportion of Saudi households that own a house from 47 percent in 2016 to 70 percent by 2030.
The fund’s Sakani program is a significant initiative in collaboration with other government entities to provide affordable housing solutions to Saudi citizens.
It aims to address the housing needs of the population by offering various housing options, financing programs and support services.