REDF: Mortgages for housing support programs rise 20% in 2024

Mortgage contracts for housing support programs by the Real Estate Development Fund (REDF) grew 20% during 2024, CEO Mansour bin Madi said.

He explained that the various housing support programs enabled 89,000 beneficiaries to secure mortgages worth a total of SAR 62.9 billion during 2024, compared to about 74,000 beneficiaries in 2023.

Madi added that the diversification of financing to more than 11 solutions contributed to the higher number of beneficiaries of housing support programs in 2024.

REDF launched several financing solutions in 2024, including “Your installment equals your REDF support”, “lowest financing profit margin”, and “Tamkeen”, bringing the total to 11 solutions.

The fund also provided its services through under-construction, prefabricated, or self-construction.

Meanwhile, REDF supported the construction of 4,000 housing units with 44 developers in 2024.