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The Ministry of Housing pumps 30,000 housing products in the Eastern Region

Saudi Arabia - October 15, 2017
Saudi Housing projects

The Ministry of Housing has announced its intention to pump 30,000 housing products, with 10,000 housing and financing products to be allocated to those who deserve support in the Eastern Region through the ninth phase of the “SAKANI” program.

The total number of housing and finance units allocated by the Ministry and the Real Estate Development Fund within the “SAKANI” program for the Eastern Region during this year reached more than 25,000 products.

The previous “SAKANI” program phases included 25,200 subsidized residential and financial products in the Eastern Province alone, distributed over 8012 subsidized financial products, 1894 free plots, 15,294 units of “WAFI” program or ready villas distributed to all governorates of the region from Hafr al-Batin, Al-Nayriya, Al-Ulaya village, Al-Khobar, Jubail, Dammam, Abqaiq and Qatif.

The Ministry pointed out that the distribution of products is based on the needs of each region where field studies are conducted for the needs and population density and accordingly distribution is done. It is worth noting that the ministry targets all regions of the Kingdom with its projects without exception and that all residential units that are allocated will be delivered within a period not exceeding three years.

“All the housing units offered by the ministry are in partnership with the private sector represented by real estate developers, according to the partnership mechanism approved by the Council of Ministers, which will improve the performance of the real estate sector, raise its contribution to the GDP, stimulate the supply of real estate, with a variety of real estate options “, the Ministry stated.

The ministry also said that its partnership with the private sector will contribute to pumping more housing units within the appropriate price range of about 80% of those registered in the Ministry’s waiting lists.

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