RIYADH: The Real Estate Consultant application and platform of the Saudi Real Estate Development Fund (REDF) provided services to more than 1 million beneficiaries since launching in Sept. 2018 until the end of 2020.
The number of funding and residential recommendations issued by the platform exceeded 820,000 for beneficiaries of the Ministry of Housing's Sakani program and the REDF.
The general supervisor of REDF, Mansour bin Madhi, said that the platform links Saudi beneficiaries with government agencies in the housing system, with more than 18 funders from banks and funding companies, within user-friendly electronic procedures, which have enabled more than 288,000 families access to adequate housing.
The application reduced the time of beneficiaries to own their residences from 45 to five working days, through an electronic process in order to provide the best five funding and housing recommendations, he said.
Madhi stated that the service aims to help citizens get a real estate loan, with integrated options of financing solutions funded by the REDF, with the objective of raising house ownership in Saudi Arabia to 70 percent of families by 2030, and realizing the goals of the housing program – one of the goals of Saudi Vision 2030.
He said that the fund’s strategy is to provide electronic services easily and conveniently, within a package of more than 43 electronic services, along with the Real Estate Consultant service on the REDF’s portal which has registered more than six million visits and over 246,000 downloads.
More than 11,360 finance entities’ employees registered on the Aa’mal (Businesses) application and 500 real estate consultants have been trained to work in all the fund’s branches, call centers and through smartphone applications.
