Saudi Arabia to supply more housing units to support needy families in 2021, says finance ministry

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Time: 16 December 2020

Above, a new housing project under construction in Riyadh. (AFP file photo)
  • The targets include providing usufruct housing to the most-needy families

The Kingdom’s housing targets for 2021 include continuing to pump more units from off-plan sales to the beneficiaries of Sakani program, the Saudi Ministry of Finance said in the 2021 budget statement.

The targets include providing usufruct housing to the most-needy families, and stimulating factories producing housing units to attract modern and futuristic building technologies in order to raise production capacity, reduce costs and raise quality.

The Ministry of Housing also targets developing mechanisms to regulate the off-plan sale market with the aim of increasing the number of real estate units for the sale and leasing system; protecting the rights of beneficiaries, investors, and developers; and providing support for those who have failed to repay subsidized housing finance installments for those undergoing exceptional, temporary circumstances that are expected to disappear.

This is in addition to continuing to provide financial support for the beneficiaries of the Ministry of Housing and the Real Estate Development Fund to support financing profits at a maximum of SR500,000 ($489,666) for the beneficiary families.

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