Saudi Arabia will boost real estate supply with new financing deals for off-plan real estate developments.
The Minister of Municipal and Rural Affairs and Housing, Majid bin Abdullah Al Hogail, launched the first product of Damanat Company, which provides financing for real estate developers for off-plan projects (OPDG) and is licensed by the Insurance Authority.
This new product aims to facilitate homeownership for first-time buyers by encouraging real estate developers to increase the supply of housing units.
Off-plan real estate in Saudi Arabia
It also aims to accelerate achieving the Housing Program’s goals, which are part of Vision 2030.
The CEO of Damanat, Hossam bin Yusuf Radwan, stated that the company is focused on providing innovative solutions and suitable products that stimulate financing entities and enhance partnerships.
This is intended to provide necessary facilities, guarantee risk reduction, and expand support for housing and its activities across different cities and segments.
Furthermore, the CEO emphasised that Damanat aims to create a safer investment environment for investors in off-plan projects, leveraging its experience and expertise as a pioneer in real estate finance guarantees in the Kingdom of Saudi Arabia.
This step confirms the company’s continued efforts to activate its strategic plans and achieve its goals of developing innovative products to stimulate the real estate finance sector in the Kingdom.
Damanat aspires to be a supportive element in the Kingdom’s housing system, providing affordable opportunities to own homes and enhancing financial inclusion.
The Saudi Mortgage Guarantees Services Company (Damanat) seeks to facilitate the beneficiaries’ journey by providing innovative solutions and easy procedures to contribute to the sustainable development of the real estate finance sector.
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