The real estate market in Saudi Arabia is undergoing a significant transformation. Driven by government initiatives like Vision 2030, which aims to increase homeownership rates, the market is seeing a rise in affordable housing options and innovative financing solutions. 

The latest announcement from Saudi Arabia’s Real Estate Development Fund (REDF) will significantly boost homeownership in the kingdom, injecting $257 million into the government’s Sakani housing program.

The funds were allocated for March and distributed to beneficiaries through the Ministry of Municipal and Rural Affairs and Housing.

The Sakani program tackles affordability challenges by offering various financing options, including rent-to-own and mortgages. This initiative specifically targets individuals who have previously struggled to enter the housing market.

This allocation aims to bolster various housing support contracts, according to REDF CEO Mansour bin Madi. The total amount deposited by Sakani beneficiaries since the program’s transformation in June 2017 has reached approximately $15.3 billion.

Bin Madi emphasized the program’s commitment to helping citizens achieve their homeownership goals. This aligns with Vision 2030’s target of raising the national homeownership rate to 70% by offering sustainable housing solutions and financial support.

The REDF offers various services to support homeownership through the Sakani program. This includes access to over 43 digital platforms offering housing aid services, the Design Your Support program for personalized financial and housing recommendations, and a unified call center for inquiries.

The Sakani program also offers innovative financing solutions. By assisting first-time buyers and promoting affordable housing options, Sakani empowers citizens to achieve their dream of homeownership.

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