Sakani Program Aims to Raise Housing Ownership to 70% by 2030
Saudi Arabia’s Real Estate Development Fund (REDF), in collaboration with the Ministry of Municipal and Rural Affairs and Housing, deposited SR933 million ($248 million) into the Sakani accounts of Saudi families in April.
The initiative aims to enable and support Saudi citizens to own their first homes, aligning with the Kingdom’s Vision 2030 goals to provide adequate housing opportunities for its citizens.
REDF CEO Mansour bin Madi revealed that the amount was assigned to support different housing support contracts.
Since the program’s announcement in June 2017 until April 2023, the total amount deposited in the accounts of Sakani beneficiaries has exceeded SR47.1 billion, with SR912 million deposited in January alone.
Over 50% of the total beneficiaries who completed an initial period of up to three years after signing their financing contracts were able to update the construction stages through the fund’s website, according to Madi.
He further emphasized the importance of updating stages of self-construction to ensure the continuity of housing support for the beneficiaries of the product.
The Sakani program seeks to increase the proportion of housing ownership for Saudi families to 70% by 2030. Ongoing government initiatives such as access to finance and standardization of regulations are reforming the housing market, improving accessibility for Saudi families, according to a report from PwC Middle East.
With a predicted increase in housing demand of over 50% to reach 153,000 by 2030, the program is set to support more Saudi families in owning their homes.
