16% increase in the amount of funding for beneficiaries of housing support programs in 2024

The Real Estate Development Fund revealed that the volume of real estate financing for program beneficiaries increased by 16.4% during the year 2024, recording 62.9 billion riyals compared to last year, which recorded 54 billion riyals.
The month of December recorded an increase in value by 44% during the year 2024, reaching 9.4 billion riyals, compared to 6.5 billion riyals in December 2023, an increase of 2.85 billion riyals, while the number of financing contracts jumped by about 52% compared to the same period last year.

Total real estate financing

The CEO of the Real Estate Development Fund, Mansour bin Madi, said that the total real estate financing for beneficiaries of housing support programs for the year 2024 amounted to 62.9 billion riyals.
He pointed out that the total value of financing for the year 2024 AD contributed to financing 89 thousand financing contracts, compared to 74 thousand contracts in 2023 AD, an increase of 15 thousand contracts, representing a percentage of 20%.
He added that the real estate fund works in integration with the housing system and in strategic partnership with financing agencies and the real estate development sector to enhance ownership opportunities for the appropriate residential product in the real estate market.

Self-build product

He pointed out that the share of the self-build product in the total real estate financing directed to beneficiaries of housing support programs amounted to 14%, while the share of the housing units product under construction reached 29%, and the share of the product of ready-made housing units reached 57%.
He reported that December 2024 was the highest financing volume for the year 2024, with a value of 9.38 billion riyals, financing about 12.34 thousand contracts.
He stressed on the Real Estate Fund to strengthen its role in the real estate financing market and provide various housing and financing solutions that meet the desires of the beneficiaries, improve the ability and support of “sakani” beneficiaries to own easier ownership, and achieve the goals of the housing program by raising the percentage of citizens’ ownership of their homes to 70% by 2030.