The Saudi Real Estate Development Fund announced a significant increase in real estate financing for beneficiaries of housing support programs in 2024, with a growth rate of 16.4%, reaching SAR 62.9 billion, compared to SAR 54 billion in 2023.
December 2024 Witnesses the Largest Jump in Real Estate Financing
December 2024 saw a notable 44% increase in real estate financing, reaching SAR 9.4 billion, compared to SAR 6.5 billion in December 2023, an increase of SAR 2.85 billion.
Increase in Financing Contracts for Beneficiaries
Mansour bin Madi, CEO of the Saudi Real Estate Development Fund, explained that the total real estate financing contributed to funding 89,000 financing contracts in 2024, an increase of 15,000 contracts compared to the previous year.
Share of Real Estate Financing for Diverse Housing Products
The Fund revealed that the share of self-construction in real estate financing for housing support beneficiaries reached 14%, while the share of under-construction residential units was 29%, and ready units accounted for 57%.
Real Estate Development Fund Continues to Enhance Homeownership Opportunities
In collaboration with the housing system and the real estate financing sector, the Fund aims to enhance homeownership opportunities and achieve the goal of increasing citizens’ homeownership rate to 70% by 2030, in line with Saudi Vision 2030.