73 per cent of Saudis do own their property

Jeddah –

Saudis have called on the Real Estate Development Fund (REDF) to expedite the disbursement of loans in order to help them building their homes before construction prices head up.

Seventy three per cent of Saudi citizens do not own any property, a Shoura Council member stated on Wednesday.

The total value of loans disbursed by the Real Estate Development Fund (REDF) since its inception until the end of 2006 amounted to SAR 134.1 billion. And although, REDF has approved 10,394 new loans to build approximately 12, 472 housing units in the Kingdom of Saudi Arabia at the beginning of this year, many residents complain that loan application process is very slow. In accordance to several interviewees, house  loan applications are being processed for 20 years.

Real Estate Development Fund

The Real Estate Development Fund, established in 1974 (1394 AH), was set up to meet the needs and aspirations of the Kingdom’s citizens by helping to raise the quality of life in society through the development of high quality housing.

In its first five years, the Fund fulfilled its major objective by solving the housing crisis of the time engendered by the Kingdom’s extraordinary pace of development.

From the beginning of its operations in 1975/76 (1395/96 AH) until the end of the 1992/93 (1413/14 AH) financial year, the Real Estate Development Fund had advanced 411,711 personal loans worth SAR 108 billion which had resulted in the building of 489,404 living quarters. The Fund has also advanced 2,470 investment loans with a total value of 5,154,000,000 Saudi Riyals which contributed to the construction of 29,227 living quarters, 2,857 offices and 5,125 trade exhibitions. The total loans disbursed by the Real Estate Development Fund since its inception until the end of 2006 amounted to SAR 134.1 billion.

 

Comment Box

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s