The Ministry of Municipal and Rural Affairs and Housing announced that 8,427 Saudi families benefited from the housing support options provided by the “Sakani” program during January 2024. This achievement comes as a continuation of the government’s efforts to enable citizens to own suitable housing, and in fulfillment of one of the most prominent objectives of the housing program within Saudi Vision 2030, which aims to raise the rate of homeownership among citizens to 70%.
General context: The “Sakani” program as one of the pillars of Vision 2030
The Sakani program was launched in 2017 as the executive arm of the Ministry of Housing (later merged with the Ministry of Municipal and Rural Affairs) to address the challenges facing the housing sector in the Kingdom. The program primarily aims to provide diverse housing and financing solutions tailored to different segments of society through effective partnerships between the public and private sectors. Since its inception, the program has contributed to a qualitative shift in the real estate market, increasing the supply of affordable housing units and facilitating access to subsidized mortgage financing.
Details of the January 2024 achievements and their geographical distribution
The Ministry explained in its monthly report that the Riyadh region topped the list of regions benefiting most from housing support during January, accounting for 26% of all beneficiary families. This was followed by the Makkah region at 18%, then the Eastern Province at 14%, while the remaining percentages were distributed across the various other regions of the Kingdom. This geographical distribution reflects the high demand for housing in major cities and simultaneously underscores the program's comprehensiveness and its reach throughout the country. The average daily execution of housing product contracts reached 428, demonstrating the continued pace of housing empowerment and the acceleration of homeownership procedures for eligible families.
The importance of the program and its economic and social impact
The impact of the Sakani program extends beyond simply providing housing; it serves as a major driver of economic growth. Through partnerships with real estate developers and financial institutions, the program revitalizes the construction sector and related industries, creating thousands of jobs and boosting local content. On a social level, homeownership contributes to family stability and social security for citizens. The total number of contracts signed since the program's launch in 2017 until the end of January 2024 exceeded one million, reaching 1,016,886 contracts – a figure that reflects the program's significant cumulative impact on the lives of millions of citizens.
A variety of options to meet all needs
The Sakani program continues to offer a comprehensive range of housing options, including ready-built units, units under construction within off-plan sales projects across most regions of the Kingdom, and the self-build option for residential land plots. The program also provides subsidized residential land plots, giving families greater freedom to design and build their homes according to their needs and preferences. This flexibility has significantly contributed to the program's popularity and its ability to meet the aspirations of a broad segment of Saudi society.
