Housing: 8,427 Saudi families benefit from housing support in January 2024

The Ministry of Municipal and Rural Affairs and Housing announced that 8,427 Saudi families benefited from the various options and solutions of the “Sakani” program during January 2024, as part of the ongoing efforts to enable Saudi families to own suitable housing, and to achieve the objectives of the Housing Program, one of the programs of Saudi Vision 2030, which aims to raise the ownership rate to 70% by 2030.

The ministry explained in its monthly report that the Riyadh region topped the list of regions benefiting most from housing support, accounting for 26% of all beneficiary families. This was followed by the Makkah region at 18%, and then the Eastern Province at 14%, while the remaining percentages were distributed across the various regions of the Kingdom. This reflects the program's geographical scope and its efforts to meet the growing housing demand throughout the country.

General context: “Sakani” as a tool to achieve Vision 2030

This achievement comes within a broader historical context that began with the launch of Saudi Vision 2030 in 2016, which placed the housing sector at the forefront of its development priorities. In 2017, the “Sakani” program was launched as the executive arm of the Ministry of Housing (formerly) with the aim of providing integrated housing and financing solutions for citizens. The program offers a diverse range of options, including ready-built housing units, units under construction in off-plan sales projects, the self-build option on private land, and the provision of developed residential land, to meet the varying needs and financial capabilities of families.

The importance of the program and its economic and social impact

The impact of the “Sakani” program extends beyond simply providing housing for citizens; it also serves as a vital pillar of the national economy. Through its strategic partnership with the private sector, represented by real estate developers and financial institutions, the program has revitalized the construction and real estate sectors, creating thousands of direct and indirect jobs. Furthermore, streamlining homeownership procedures enhances social and family stability and contributes to building vibrant and sustainable communities. The average daily execution of housing product contracts during January reached 428, underscoring the continued momentum of housing empowerment and the acceleration of homeownership procedures for eligible families.

Cumulative figures indicate that the total number of contracts signed since the program's launch in 2017 until the end of January 2024 exceeded 1,016,886, reflecting the program's significant and ongoing impact. The Ministry had previously announced that homeownership among Saudi families exceeded 66.24% by the end of 2023, a clear indicator of progress towards achieving the Kingdom's Vision 2030 goals.

The ministry affirms its commitment to enhancing the housing supply and launching more housing projects and options in various regions, which will contribute to meeting the needs of Saudi families, achieving balance in the real estate market, and supporting the long-term sustainability of the sector.