The Sakani Housing Program is a real estate initiative launched in 2017 by the Ministry of Housing and the Real Estate Development Fund to support Saudi citizens in owning their first home. The idea was to create new housing stock and real estate units, allocate plots and homes to nationals and assist with financing their purchase. The overall goal of the program is to reach 70% home ownership by 2030. Recently, the Sakani Housing Program has successfully launched a series of projects in key areas of Saudi Arabia including the up and coming city of Al Khobar, so we wanted to take a closer look at this altruistic real estate project and what impact it is having.
Al Khobar: The Destination
Al Khobar is a city in the Eastern Province of Saudi Arabia, right on the coast of the Persian Gulf. It is also part of the ‘Triplet Cities’ with Damman and Dhahran, making up a key residential core in this area of the Kingdom. Historically known for its trading acumen, the city is now home to a series of hugely popular shopping malls. It also has a 16km corniche, beautiful beaches, five-star resorts and Suwaiket Street, officially known as the Prince Bandar ibn Abdulaziz Street, which hosts many of the oldest markets in the city.
Park View Housing
Under the Sakani Housing Project, a new program was launched in Al Khobar, the 280,000 square metre Park View housing project. Aimed to provide more home ownership opportunities for Saudi citizens and their families, the project is being implemented as part of a public-private-partnership (PPP) and will include 484 residential units. The residential units will be villas and townhouses, each with an approximate area of 279 to 339 square metres. Designed to stand out and reflect a higher standard of constructional excellence, the housing units will be extremely sought after, especially with a price tag of around $183,966 (SAR690,000) that is paired with flexible payment plan options and monthly installment options. Situated in the Aziziyah neighbourhood, the project will be very accessible for maximum convenience and connectivity. It will also have over 54% of its area dedicated to green spaces and a wide selection of sites for commercial, educational, retail and entertainment services which will be fantastic for local, regional and international investors.
Sakani Housing Program Projects
Park View in Al Khobar isn’t the only success story of the Sakani Housing Program. As part of their work in the Eastern Province, other finished real estate projects include ‘Nasaj Town, with 674 housing units, the Saraya Al Gharoub initiative, with 116 homes, the Mada Oasis project, which will serve 282 families and the Al-Bayraq Villas settlements in Al-Mubarraz, which have 178 units’. The eastern region is set to have around 34 Sakani Housing Program projects which will ultimate provide more than 22,000 new homes, with 144,000 new houses estimated to be built under the umbrella of 101 further Sakani Housing Program projects throughout the Kingdom.
If you would like to find out more about Sakani residential projects, Al Khobar, KSA mega projects, luxury property in Saudi Arabia or other real estate investment opportunities, get in touch with one of our consultants at Saudi Arabia Sotheby’s International Realty today.