Latest news with #Sakan
Arab News
22-05-2025
- Business
- Arab News
Sakan wins Qassim excellence award
RIYADH: The National Developmental Housing Corporation, or Sakan, has won the Qassim Award for Excellence and Creativity in the National Excellence Branch in its fifth session. Yazeed Al-Rasheed, vice president for shared services at Sakan, received the award on behalf of the organization. He expressed his gratitude to officials for their support and recognition of national initiatives, saying that this was an incentive to continue efforts in cooperation with all parties. Abdulaziz Al-Karidis, secretary-general of Sakan, thanked the Qassim governor for his support for Sakan's initiatives and for following up and encouraging activities that achieved the foundation's goals. Receiving the award would inspire the foundation to further enhance its performance and reinforce its core values, he said. The win marks a milestone in the foundation's journey and its commitment to excellence and innovation. The foundation continues to strive toward creating a positive and sustainable impact in the developmental housing sector by offering the best solutions and practices.
Zawya
13-05-2025
- Business
- Zawya
Kuwait's Al Ahmadi sees strongest rental growth
KUWAIT - Al Ahmadi apartments showed the strongest 6-month rental growth among governorates in Kuwait, with average rents for one-bedroom and two-bedroom units increasing by 6% and 10.9% over the last half-year to Q1 2025, according to Kuwait-based prop-tech company Sakan. Sakan's data, which is based on its online listings database and excludes properties promoted offline, showed mixed results for the apartment market, with average rents of areas near the capital softening over the last three and six months leading to Q1. In Hawally Governorate, the average rents of 1-bedroom, 2-bedroom, and 3-bedroom-listed flats decreased by 7%, 3%, and 1% respectively when compared to Q4 2024. Al Asimah's 2BR and 3BR average rents decreased by double digits. From a 6-month perspective, Hawally's and Al Asimah's rental markets have both seen downward performance. Hawally apartment rents for 1BR and 4BR apartments have remained the same, while those of 2BR and 3BR have declined by 2% and 4% respectively. Al Asimah apartments have shown similar patterns except for the 1BR category, whose average rent improved by 2% over the last half-year. But while areas near the capital have generally seen lower rents, Al Ahmadi's apartment sector saw an upward trend, driven by higher lease rates in Mahboula and Fintas districts. Among governorates, Ahmadi apartments have shown the best quarter-on-quarter performance in terms of rents, growing by 3%, 11%, and 10% for the 1BR, 2BR, and 3BR categories, respectively. Nearly 12,000 housing units turned over in 2024 The movement in rents can be attributed to a variety of events that have shaped Kuwait's residential leasing sector over the last six months. After the Mangaf fire, the government has cracked down on overcrowding in residential properties. At the same time, the leasing sector is seeing the effects of the massive residential construction boom sweeping across Kuwait, driven by the government's housing program. In 2024, the Public Authority for Housing Welfare distributed 11,897 housing units in Kuwait and issued 32,204 building permits in key residential projects, namely Mutlaa, South Abdullah Al-Mubarak, and South Khaitan. Anecdotes suggest that apartments which were rented by families waiting for their homes are now having challenges finding tenants. Home ownership is expected to increase in the forthcoming years with the anticipated introduction of the Mortgage Law, which will allow commercial lenders to provide housing loans. Once implemented, the Law is seen to encourage more lending activity in the housing sector, create a more competitive market, and potentially enable more citizens to own homes. Arab Times | © Copyright 2024, All Rights Reserved Provided by SyndiGate Media Inc. ( arabtimes
Arab Times
13-05-2025
- Business
- Arab Times
Kuwait's Al Ahmadi sees strongest rental growth
KUWAIT CITY, May 12: Al Ahmadi apartments showed the strongest 6-month rental growth among governorates in Kuwait, with average rents for one-bedroom and two-bedroom units increasing by 6% and 10.9% over the last half-year to Q1 2025, according to Kuwait-based prop-tech company Sakan. Sakan's data, which is based on its online listings database and excludes properties promoted offline, showed mixed results for the apartment market, with average rents of areas near the capital softening over the last three and six months leading to Q1. In Hawally Governorate, the average rents of 1-bedroom, 2-bedroom, and 3-bedroom-listed flats decreased by 7%, 3%, and 1% respectively when compared to Q4 2024. Al Asimah's 2BR and 3BR average rents decreased by double digits. From a 6-month perspective, Hawally's and Al Asimah's rental markets have both seen downward performance. Hawally apartment rents for 1BR and 4BR apartments have remained the same, while those of 2BR and 3BR have declined by 2% and 4% respectively. Al Asimah apartments have shown similar patterns except for the 1BR category, whose average rent improved by 2% over the last half-year. But while areas near the capital have generally seen lower rents, Al Ahmadi's apartment sector saw an upward trend, driven by higher lease rates in Mahboula and Fintas districts. Among governorates, Ahmadi apartments have shown the best quarter-on-quarter performance in terms of rents, growing by 3%, 11%, and 10% for the 1BR, 2BR, and 3BR categories, respectively. Nearly 12,000 housing units turned over in 2024 The movement in rents can be attributed to a variety of events that have shaped Kuwait's residential leasing sector over the last six months. After the Mangaf fire, the government has cracked down on overcrowding in residential properties. At the same time, the leasing sector is seeing the effects of the massive residential construction boom sweeping across Kuwait, driven by the government's housing program. In 2024, the Public Authority for Housing Welfare distributed 11,897 housing units in Kuwait and issued 32,204 building permits in key residential projects, namely Mutlaa, South Abdullah Al-Mubarak, and South Khaitan. Anecdotes suggest that apartments which were rented by families waiting for their homes are now having challenges finding tenants. Home ownership is expected to increase in the forthcoming years with the anticipated introduction of the Mortgage Law, which will allow commercial lenders to provide housing loans. Once implemented, the Law is seen to encourage more lending activity in the housing sector, create a more competitive market, and potentially enable more citizens to own homes.
Zawya
12-05-2025
- Business
- Zawya
Sakan: Al Ahmadi shows strongest half-year rental performance in Kuwait, while rents soften in other areas
KUWAIT – Al Ahmadi apartments showed the strongest 6-month rental growth among governorates in Kuwait, with average rents for one-bedroom and two-bedroom units increasing by 6% and 10.9% over the last half-year to Q1 2025, according to Kuwait-based prop-tech company Sakan. Sakan's data, which is based on its online listings database and excludes properties promoted offline, showed mixed results for the apartment market, with average rents of areas near the capital softening over the last three and six months leading to Q1. In Hawally Governorate, the average rents of 1-bedroom, 2-bedroom, and 3-bedroom-listed flats decreased by 7%, 3%, and 1% respectively when compared to Q4 2024. Al Asimah's 2BR and 3BR average rents decreased by double digits. From a 6-month perspective, Hawally's and Al Asimah's rental markets have both seen downward performance. Hawally apartment rents for 1BR and 4BR apartments have remained the same, while those of 2BR and 3BR have declined by 2% and 4% respectively. Al Asimah apartments have shown similar patterns except for the 1BR category, whose average rent improved by 2% over the last half-year. But while areas near the capital have generally seen lower rents, Al Ahmadi's apartment sector saw an upward trend, driven by higher lease rates in Mahboula and Fintas districts. Among governorates, Ahmadi apartments have shown the best quarter-on-quarter performance in terms of rents, growing by 3%, 11%, and 10% for the 1BR, 2BR, and 3BR categories, respectively. Nearly 12,000 housing units turned over in 2024 The movement in rents can be attributed to a variety of events that have shaped Kuwait's residential leasing sector over the last six months. After the Mangaf fire, the government has cracked down on overcrowding in residential properties. At the same time, the leasing sector is seeing the effects of the massive residential construction boom sweeping across Kuwait, driven by the government's housing program. In 2024, the Public Authority for Housing Welfare distributed 11,897 housing units in Kuwait and issued 32,204 building permits in key residential projects, namely Mutlaa, South Abdullah Al-Mubarak, and South Khaitan. Anecdotes suggest that apartments which were rented by families waiting for their homes are now having challenges finding tenants. Home ownership is expected to increase in the forthcoming years with the anticipated introduction of the Mortgage Law, which will allow commercial lenders to provide housing loans. Once implemented, the Law is seen to encourage more lending activity in the housing sector, create a more competitive market, and potentially enable more citizens to own homes.
Arab News
03-05-2025
- Business
- Arab News
Crown prince fuels housing vision with SR1bn support
In a historic initiative to promote homeownership among Saudi citizens, especially those with the greatest need and lowest incomes, Crown Prince Mohammed bin Salman has donated SR1 billion ($266.6 million) to the National Development Housing Foundation, known as Sakan, via the Jood Eskan platform. With a vision rooted in generosity and national pride, the crown prince has mandated that all housing projects funded by this donation be completed within 12 months, using national companies for implementation. He has also emphasized transparency and accountability through monthly progress reports, showcasing his commitment to swiftly delivering housing to deserving families. The initiative aims to uplift thousands of citizens, ensuring them a dignified life and reinforcing social stability, while reflecting his broader dedication to sustainable development and inclusive growth in the Kingdom. The donation will significantly strengthen Sakan, accelerating the delivery of homes to eligible citizens, building on the 47,000 homes already provided. The crown prince's SR1 billion donation underscores a commitment to expanding homeownership and ensuring greater access to affordable housing for Saudi families It will also support the Saudi government's housing efforts, advancing homeownership opportunities for citizens and helping to meet the ambitious goal of 70 percent homeownership by 2030. Before the Housing Program launched in 2018, Saudi families waited up to 15 years for housing support. Now, thanks to government initiatives, homeownership can be secured instantly, transforming access to housing and improving quality of life. By improving access to financial support, simplifying procedures and digitizing documentation, homeownership surged from 47 percent to more than 65.4 percent by 2024, surpassing the interim target set within Saudi Arabia's Vision 2030. This achievement reflects the success of government efforts, particularly through programs such as Sakani and the Real Estate Development Fund, in providing housing and financing solutions for citizens. This donation aligns with the crown prince's recent directive to stabilize the real estate market, directly supporting the government's strategy to increase housing supply and regulate property prices for greater affordability. The crown prince's SR1 billion donation underscores a commitment to expanding homeownership and ensuring greater access to affordable housing for Saudi families. By reinforcing efforts to boost housing supply and stabilize real estate prices, the initiative paves the way for a sustainable, inclusive and thriving housing sector for future generations. The crown prince's donation reflects his dedication to ensuring citizens enjoy dignified lives. It stands as a testament to his deep commitment to the housing sector, particularly initiatives that support deserving families, foster social stability and promote long-term development. • Talat Zaki Hafiz is an economist and financial analyst. X: @TalatHafiz
