Saudi to handover 120,000 homes to citizens in 2017

Saudi Arabia has launched a housing programme designed to handover up to 120,000 units to citizens this year.

The Sakani programme is part of efforts to distribute homes and financial assistance to 280,000 families by the country’s Ministry of Housing.

Read: Saudi prepares to handover 120,000 homes to citizens

Saudi Gazette cited Prince Saud Bin Talal, adviser and general supervisor at the agency for housing at the ministry, as saying the first batch would involve 15,653 housing units.

This includes 5,016 housing plots and financial support for 7,700 through the Real Estate Development Fund.

The project is designed to cater to the needs of different income groups and family sizes and is being implemented in partnership with the private sector.

The programme also includes 75,000 housing plots ready for construction and financial support for 85,000 through the real estate fund.

Housing units will be allotted to citizens who have applied through the ministry’s website each month over a period of three years, according to the publication.

Applicants will be judged on social, financial factors with priority given to the most in need like widows, divorcees, those with special needs and financial difficulties.

The first installment of 2,937 units and 5,016 plots will be allotted in cities and regions across the country, including 891 homes in Tabuk and 896 plots in Madinah.
The new system is expected to bring down the waiting period for homes from 11 years to five years.

Saudi’s Vision 2030 plan aims to increase the percentage of home owners among Saudi citizens to 52 per cent by 2020 from 47 per cent today.