Saudi Arabian government launched the major plan of a new real estate project in the eastern part of Riyadh.
The SR4.48 billion project sprawls over 6.5 million square meters and includes 7,000 new villas in addition to a set of favourable facilities.
The project is called ‘East Gate’, it is considered the first to be executed by the Saudi Ministry of Housing in cooperation with the private sector. It is aimed at reducing the market’s shortage of house supply.
Sales will start on the project villas directly after Eid with prices starting from $170,000 per each.
The villas feature various interior and exterior designs to fit different financial capabilities and preferences of the clients.
The new project is backed by Real Estate Development Fund, it offers villas buyers real estate finance deals of up to SAR500,000.
REDF was established by the Saudi government in 1974 to raise the quality of living in the kingdom and increase house ownership especially between less financially capable tiers.