Saudi Arabia to Handover as Many as 120,000 New Homes in 2017

The government of Saudi Arabia launched a new housing program that is designed to hand over as many as 120,000 homes to its citizens in 2017.

The program, Sakani, is part of the efforts to distribute financial assistance and homes to as many as 280,000 families through the Ministry of Housing in the country.

A general supervisor and advisor to the agency, Prince Saud Bin Talal said that the first group of homes would reach 15,560 units.

That group includes 5,015 housing plots and government financial support for over 7,700 through its Real Estate Development Fund.

This project was designed to help the needs of many different income levels and family sizes and was being implemented through partnerships it has with the private sector.

The aid program includes as well 75,000 home plots that are ready for immediate construction along with financial support for over 85,000 through its real estate fund.

The housing units are to be given to citizens that have previously applied through the website of the ministry, each month during a three year period, according to a release by the government.

Applicants are judged using financial and social factors, with priority for those that have the most need such as widows, divorcees, those with financial difficulties and those with special needs.

The installment that will be allocated first will have besides the 5,015 plots, 2,937 homes in cities as well as regions around the country, including 896 plots located in Madinah and 891 homes in the town of Tabuk.

This new system will lower the waiting period for the new homes to 5 years from the previous 11 years.

The Vision 2030 program of the Saudi government has a goal of increasing the number of home owners amongst citizens of the kingdom from a current 47% to over 52% by 2020.

The economic reforms announced last year called for the building of more than 1.5 million new homes over the next 7 to 8 years.

This comes at a time when the Saudi government has suffered a huge hit to its revenue stream due to the price of oil being in a prolonged slump since the middle of 2015.

Budget cuts have had to be made, but the government insists on helping it citizens in need and the new homes program is just one example of that.

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