(MENAFN) During the first quarter of 2024, a total of 32,343 Saudi families availed themselves of housing options provided by Sakani, representing a notable 15 percent increase compared to the previous year. In partnership with the Real Estate Development Fund and various financial institutions, Sakani offers a range of housing support packages tailored to incentivize first-time homebuyers, including non-refundable financial assistance amounting to SR100,000 (USD26,659) or SR150,000.
The surge in first-time home purchases, which reached 25,391 households in the initial three months of the year, underscores Sakani's commitment to diversifying residential options and providing accessible financial solutions. Established in 2017 under the auspices of the Saudi Ministry of Housing and the Real Estate Development Fund, Sakani is aligned with Vision 2030, the Kingdom's economic diversification strategy, which aims to elevate the homeownership rate to 70 percent by 2030.
Recent data from Sakani reveals that in March alone, 12,184 households benefited from the program, with 9,381 Saudi families acquiring their inaugural residences. These figures are indicative of the program's sustained impact and its role in facilitating homeownership aspirations across the country. In January, Sakani announced that over 100,000 Saudi families had benefited from its initiatives in 2023, with nearly 98,475 applicants securing their first homes during that period, underscoring the program's continued momentum and significance in realizing housing objectives nationwide.
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