Saudi Arabia Approves Sale of Residential Properties to Non-Subsidized Buyers
In a move to optimize the use of public real estate and increase flexibility, the Saudi Arabian government has approved a decision allowing the Ministry of Municipal, Rural, and Housing to sell residential units in its projects to individuals not receiving government's housing support.
Objective: Broader Access to Home Ownership
According to Abdulrahman Al-Tawil, Vice Minister for Residential Supply, the goal is to broaden access to home ownership to new profiles, such as singles or those who have already obtained a mortgage. These buyers will be able to acquire homes built over the past two years, but at market rates. Meanwhile, beneficiaries of the support will still receive financial assistance.
Exclusive Period for Beneficiaries
Each project will reserve a four-month period exclusively for beneficiaries, after which it will open up to a broader audience.
Meeting Urban Needs with Over 100,000 Units Available in Riyadh
This initiative allows for adjusting the supply to meet urban needs, with over 100,000 units available in Riyadh.
