Ministry of Housing plans to serve 300,000 Saudi families in 2020, the minister of housing, Majid Al Hogail, said during the Kingdom’s budget 2020 conference.
He added that 130,000 families already live in the ministry’s provided houses.
The ministry also intends to provide up to 100,000 new residential units worth SAR 65 million in the coming year in partnerships with real estate developers.
Providing over 90,000 new free plots of land through developing 72 schemes with a value of SAR 5.2 billion is also one of the main targets of the Saudi ministry for 2020, Al Hogail added.
He also noted that developing an Effective partnership with the private sector has supported the supply of 125,000 under construction units in 70 projects worth SAR 62 billion in 2019.
The minister emphasized that the ministry has overachieved its target in 2019 by providing services to 300,000 families, of which 106,000 live in the ministry’s provided houses.
He also said that financing contracts reached 21,000 contracts per month while the initial target was 12,000 contracts.
In 2019, real estate loans of 165,000 families were supported with a value exceeding SAR 78 billion, he added, noting the ministry seeks to finalize 204,000 contracts worth SAR 100 billion in 2020.
On the Ministry of Housing's developmental housing program (Tanmawi), Al-Hogail said that 14,000 families have received their residential untis under the usufruct system in 2019.
He also indicated that the ministry signed contracts worth SAR 11 billion to provide 30,000 new units in 2020 for social security families and low-income families.
Comments
{{DisplayName}}
{{ElapsedTime}}