Official: 95 housing projects to be completed by year-end
July 5, 2017 | 12:00 AM
One of the projects being carried out by the Ministry of Housing. — Courtesy photo
July 5, 2017 | 12:00 AM
Last Updated: July 5, 2017 | 12:00 AM
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Saudi Gazette report
RIYADH – The Housing Ministry is making intensive efforts to complete 95 housing projects by the end of this year, said a senior official who requested anonymity. “Many of these projects have reached advanced stages,” the official added.
The ministry has already distributed a large number of housing products among deserving citizens in different parts of the Kingdom during the past months as part of a program launched this February.
The housing products, including financial support provided in cooperation with banks, are given to citizens who fulfill certain conditions set by the government.
“The ministry intends to distribute 7,200 homes this month,” the official said, adding that the housing units including villas and flats were constructed under 15 projects.
Last June, the ministry announced plan to distribute the fifth installment, consisting of 20,000 homes, 7,700 housing loans and 7,300 pieces of developed plots.
Under the fourth installment, the ministry distributed 20,585 products including homes and loans. It provided 7,700 finances with the support of banks and other financial institutions, 6,611 plots free of charge, 6,084 homes through developers and 190 ready-made homes.
The state-backed housing program will enable citizens to have own homes within a maximum period of five years, the official said while speaking to Al-Eqtisadiah business daily.
“The program will raise the percentage of house owners to 52% and help citizens in the wait-list of Saudi Real Estate Development Fund to have homes by the end of 2020,” he added.
The financial support extended by the government would cover full profit of finance provided to applicants having a monthly income of SR14,000 or less.
“The financial support for those having an income of more than SR14,000 will depend on their income and the number of family members,” the official said, adding that the money would be deposited in the accounts of beneficiaries.
The ministry offers three types of financial support for housing projects. First, for self-construction; second, for purchasing ready-made homes; and third, for buying units in the housing city.
“It serves two groups of beneficiaries; first, beneficiaries of housing support; and second, citizens in the wait-list of Saudi Real Estate Development Fund,” the source explained.
On Jan. 15, 2017 the ministry announced its plan to distribute 280,000 housing and finance products. The first installment was launched on Feb. 15 and it included 15,653 products, the second installment included 17,923 products and the third 18,799 products.
RIYADH – The Housing Ministry is making intensive efforts to complete 95 housing projects by the end of this year, said a senior official who requested anonymity. “Many of these projects have reached advanced stages,” the official added.
The ministry has already distributed a large number of housing products among deserving citizens in different parts of the Kingdom during the past months as part of a program launched this February.
The housing products, including financial support provided in cooperation with banks, are given to citizens who fulfill certain conditions set by the government.
“The ministry intends to distribute 7,200 homes this month,” the official said, adding that the housing units including villas and flats were constructed under 15 projects.
Last June, the ministry announced plan to distribute the fifth installment, consisting of 20,000 homes, 7,700 housing loans and 7,300 pieces of developed plots.
Under the fourth installment, the ministry distributed 20,585 products including homes and loans. It provided 7,700 finances with the support of banks and other financial institutions, 6,611 plots free of charge, 6,084 homes through developers and 190 ready-made homes.
The state-backed housing program will enable citizens to have own homes within a maximum period of five years, the official said while speaking to Al-Eqtisadiah business daily.
“The program will raise the percentage of house owners to 52% and help citizens in the wait-list of Saudi Real Estate Development Fund to have homes by the end of 2020,” he added.
The financial support extended by the government would cover full profit of finance provided to applicants having a monthly income of SR14,000 or less.
“The financial support for those having an income of more than SR14,000 will depend on their income and the number of family members,” the official said, adding that the money would be deposited in the accounts of beneficiaries.
The ministry offers three types of financial support for housing projects. First, for self-construction; second, for purchasing ready-made homes; and third, for buying units in the housing city.
“It serves two groups of beneficiaries; first, beneficiaries of housing support; and second, citizens in the wait-list of Saudi Real Estate Development Fund,” the source explained.
On Jan. 15, 2017 the ministry announced its plan to distribute 280,000 housing and finance products. The first installment was launched on Feb. 15 and it included 15,653 products, the second installment included 17,923 products and the third 18,799 products.
