The volume of real estate financing increased to 674 billion during the year 2022, with a growth rate of 130% – Saudi News

The volume of real estate financing increased to 674 billion during the year 2022, with a growth rate of 130% – Saudi News
The volume of real estate financing increased to 674 billion during the year 2022, with a growth rate of 130% – Saudi News
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• More than 684 thousand Saudi families signed their financing contracts during the period from June 2017 to the end of 2022

The CEO of the Real Estate Development Fund, Mansour bin Madi, revealed that the real estate financing market for individuals in the Kingdom recorded more than 674 billion riyals, during the period from January 2022 to last November, achieving a record high of 130% compared to what it was during the 2017 transformation phase, during which it amounted to 287 billion. Riyal, noting the success of the housing program – one of the Kingdom’s Vision 2030 programs – and its inspiring ability to create a real estate financing market that enhanced growth opportunities, and enabled the creation and development of financing and housing solutions, consistent with the goal of raising the percentage of citizens’ ownership of housing.

Mansour bin Madi, during his participation in a dialogue session entitled “The Role of Banks and Financial Institutions in Supporting the Real Estate and Housing Sector in Light of Changes”, within the Real Estate Future Forum in its second edition – which is currently being held in Riyadh – stated that what has been achieved represents a major transformation and development in the course of the financing sector. In the Kingdom, and enriches the future vision of the real estate finance market, in reference to the fund’s contribution to providing its qualitative solutions to enhance the real estate finance market, through the “Development” program to enable real estate developers to create competitive projects of high quality, in addition to supporting the sector of real estate finance companies and institutions through a financing program real estate financiers.

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Regarding the supporting role of the Real Estate Development Fund in the real estate financing market, Ibn Madi said that the fund is a major arm of the real estate financing market in the Kingdom, and a strategic supporter of the sector, in order to achieve the goals of the housing program, describing its contribution as active and pioneering, driving the growth of the real estate and financing sector, especially with its signature More than 150 agreements aimed at enhancing the sustainability of housing subsidy programs, and building and strengthening partnerships with the public and private sectors, so that Saudi families can enjoy various financing and housing options commensurate with their purchasing capabilities and their need to own adequate housing.

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In the context of the enablers provided by the fund to the real estate finance market, Ibn Madi highlighted a number of these programs and enablers in partnership with financing agencies, including the subsidized loan program that provides a mortgage of up to 500,000 pounds subsidized by profits of up to 100%, and the housing support packages program, Which gives the beneficiary immediate, non-refundable support of up to 100,000 riyals, the financing guarantee program, the easy mortgage program, in addition to the real estate advisor platform that provided more than 1.2 million financing and housing recommendations to the beneficiaries, as part of the continuous efforts to improve housing affordability. In order to achieve the goals of the Iskan Program – one of the Kingdom’s Vision 2030 programs – by providing opportunities to own adequate housing for Saudi families.

The CEO of the real estate fund considered that these capabilities, which were supported by digital governance in accordance with the best international standards, contributed to the implementation of more than 10 million digital operations through 43 electronic services, indicating that the fund’s programs and services were linked with more than 103 electronic services within the housing system. And financing agencies, which accelerated the pace of citizens owning their homes, and enabled more than 684,000 families to sign their financing contracts until the end of 2022.

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