Open AccessResidents Opinions toward their Dwellings Built with the Support of the Real Estate Development Fund.
Author(s) -
Abdullah M. Aloweid Abdullah M. Aloweid
Publication year - 2009
Publication title -
journal of king abdulaziz university-environmental design sciences
Language(s) - English
Resource type - Journals
eISSN - 1658-4309
pISSN - 1658-1598
DOI - 10.4197/env.6-1.3
Subject(s) - real estate , finance , real estate development , government (linguistics) , business , christian ministry , private sector , work (physics) , affordable housing , property management , economic growth , economics , political science , engineering , mechanical engineering , linguistics , philosophy , law
In the past, private sector housing in Saudi Arabia wasmostly undertaken through private initiative and almost all houseswere financed through savings of individuals or income of the owners,because of the non-availability of construction finance on a long termbasis. One of the major approaches by the Government for solving thehousing problems was the Real Estate Development Fund (REDF). Itsprimary objective is to stimulate the development of private sectorhousing by offering interest free long term loans to Saudi Citizens. Itwas established as a semi-government financial institution attached tothe Ministry of Finance and National Economy. This paper providesan overview and analysis of the private sector housing and the role ofthe Real Estate Development Fund in the support and development forhousing construction in Saudi Arabia. Interviews and questionnaireswere conducted with the heads of households in selected dwellingsconstructed with the support of the Real Estate Development Fund.(134 questionnaires). The conclusion of this work stresses theimportance and continuation of the fund in order to increase homeownership however additional measures of control need to be carriedout .Recommendations presented in this paper may well help achieveappropriate dwellings that satisfy resident's needs and desires.