Saudi Arabia has accelerated its homeownership efforts, securing over 51,256 financing agreements worth SAR 5.3 billion in 2024. The Real Estate Development Fund, in collaboration with banks, supported more than 51,000 Saudi families, aligning with Saudi Vision 2030.
Diverse Financing and Housing Options
The Sakani program, supported by the Real Estate Development Fund and financial institutions, offers various housing options. These include under-construction units, self-build projects, and ready-made homes. Families benefit from diverse financing solutions like down payment support, easy mortgages, and competitive profit margins.
Integrated Residential Communities
The National Housing Company has developed integrated residential communities across Saudi Arabia, enhancing living standards. These communities align with Vision 2030, aiming to create modern living environments. The mid-year report highlights the success of housing support indicators and residential exhibitions.
Vision 2030 Alignment
Sakani‘s initiatives are key to achieving the Housing Program’s objectives, a cornerstone of Vision 2030. By providing affordable housing and creating integrated communities, Sakani contributes to Saudi Arabia’s overall societal well-being.
Construction Contracts Surge in 2024
Saudi Arabia’s construction contract value soared by 79% in Q1 2024, reaching SAR 118.8 billion. This is the second-highest amount ever recorded, just behind SAR 147.1 billion in Q3 2015. Compared to Q4 2023, contract values increased by 35%.
This surge underscores Saudi Arabia’s strategic drive, fueled by rising foreign investment and crucial partnerships. Despite broader economic challenges, this growth highlights the Kingdom’s evolution into a major hub for large-scale infrastructure projects, indicating continued economic progress and development.
Additionally, the construction sector’s GDP grew by 2.4 percent during the same period.
The continued expansion underscores the sector’s vital role in Saudi Arabia’s economic development and its emergence as a key hub for large-scale construction endeavors.
