Saudi Housing Support Sees 16% Growth in 2024 Real Estate Financing

Saudi Housing Support Sees 16% Growth in 2024 Real Estate Financing
KSA

The Saudi Real Estate Development Fund (REDF) reported a 16.4% increase in real estate financing for beneficiaries of housing support programs in 2024, reaching SAR 62.9 bn compared to SAR 54 bn in 2023, Invest-Gate reports.

December 2024 marked a record high, with financing rising 44% year-on-year to SAR 9.4 billion, up from SAR 6.5 bn in December 2023. The number of financing contracts grew by 52%, underscoring the strong demand for housing support.

Mansour bin Madi, CEO of REDF, stated that the financing supported 89,000 contracts in 2024, a 20% increase from 74,000 contracts in 2023. This growth reflects the fund’s collaboration with the housing sector, financial institutions, and real estate developers to enhance homeownership opportunities. Bin Madi highlighted that 14% of financing was allocated to self-construction, 29% to under-construction units, and 57% to ready-built housing.

The month of December stood out with SAR 9.38 bn in financing, facilitating over 12,340 contracts. Bin Madi emphasized the fund’s commitment to providing diverse housing and financing solutions, aligning with the “Sakani” program’s goal of increasing Saudi homeownership to 70% by 2030.

Sakani’s digital platform saw over 625 mn visits in 2024, a 24% rise from 2023, driven by expanded offerings of more than 93,000 residential units. Over 1.1 mn services were provided through the platform, with 44,000 units reserved via its digital channels. Additionally, the Sakani app recorded 1.2 mn downloads, reflecting the growing shift towards digital real estate solutions.

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