Saudi Arabia’s Makkah Al-Mukarramah region, located in the west of the country, is looking forward to the completion of more than 22 housing projects. These 22 projects are part of the Ministry of Housing’s ambitious Sakani initiative and are expected to provide over 66,000 domicile units. The forward-thinking initiative also sees the project’s aim to develop 19 residential plans which will provide more than 35,000 plots of land.
Across the Kingdom, the broad initiative is offering a variety of options for housing, from free land for tens of thousands of families to the sale of prefabricated units for over 115,000 families.
With the aim of injecting liquidity into the property market and significantly increasing the rate of homeownership to 70% by 2030, the PIF has been heavily involved with the initiative, partnering with South Korean consortium Hanwha-Daewoo as well as Chinese firms to build a million low-cost homes in the coming five years.
There are three main housing complexes currently well underway in Makkah, in addition to two residential plans providing 6,531 plots of land. The three complexes have been strategically positioned in locations on main and pivotal roads around Makkah. The different housing units offer a variety of distinct design features. Despite the developments being constructed to a high spec to meet the needs of discerning Saudi citizens and their families, the price point of each is considered very reasonable.
With landscaped green spaces as well as necessary facilities and services, the 87,000m2 Jawharat Al-Rusayfa project is expected to provide 1,035 housing units and is located 15 minutes away from the Holy Mosque. Prices for the units start from $89,000 (SAR335,000).
Conveniently located within a residential environment, complete with services and infrastructure, the Retaj Makkah project (Prices starting from $120,000 (SAR450,000)) is located within an area of more than 1km2 and includes 4,540 units in a highly sought-after location north of Makkah.
Located in the Al- Khadra neighborhood near the commercial centers east of Makkah, the Me’aisam complex consists of a group of eight buildings providing 32 apartments which also include duplex apartments. The sizes of the properties within the project range from 192m2 to 230m2 per unit.
More than 90 projects are currently under construction across the Kingdom with the intention being to provide more than 140,000 residential units. Through the Sakani initiative, more than 209 residential plans have been launched to provide more than 176,000 plots of land to Saudi families.
The provision will include allowing Saudi nationals with residential plots the option of obtaining a 100% profit-backed real estate loan to build their own homes. The option enables citizens to receive building permits within six months, start constructing within a year, and complete construction of their homes within three years.