6 days ago
Saudi Arabia announces support for first-time homebuyers
Saudi Arabia is offering support for real estate financing and down payments on homes for first-time buyers.
The Kingdom has extended its Facilitated Mortgage Program for an additional three years, in a major move to further support first-time homebuyers and promote housing accessibility.
The Real Estate Development Fund (REDF) praised the Cabinet's decision, describing it as a key step in empowering Saudi families and easing their path to homeownership. The program is now set to run until 2028.
Saudi mortgage support
REDF spokesperson Saeed Al Zahrani stated that the program is a financing solution designed to simplify the homeownership process by easing the burden of the down payment for housing support beneficiaries.
It achieves this by reducing the down payment percentage for a first home from 10 percent to 5 percent.
Additionally, the program enables financing of up to 95 per cent of the property's total value, provided it does not exceed SR800,000 ($213,300).
This applies to both under-construction and ready-made housing units, with flexible financing solutions tailored to individual financial circumstances.
Al Zahrani noted that the initiative directly supports the Housing Program, a key pillar of Saudi Vision 2030.
The extension reinforces the government's long-term commitment to improving housing affordability, expanding private sector participation, and increasing homeownership rates in line with national targets.
