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Volume :46 Issue : 179 2020      Add To Cart                                                                    Download

Evaluating the Role of Real Estate Development Fund in Housing Affordability from the Beneficiaries' View in Riyadh City.

Auther : Eng. Mohammed I. Alyahya - Dr. Waleed S. Alzamil

Goal of the Study: The paper aims to evaluate the role of Real Estate Development Fund as one of subsidy programs to achieve the principle of housing affordability in the Saudi Kingdom.
Study Methodology: Theoretical and descriptive approach was used to extrapolate sample of beneficiaries' view in Riyadh city as well as reviewed of subsidy programs' approaches and comparison of the international experiences. Moreover, the historical method was used to observe REDF development and its impact on housing sector since it was established in 1974 until the end of 2014. (1394-1436 A.H).
Study Data and Sample: A systematic random sample that involved (384) beneficiary was applied to a case study (Riyadh city).
Study Result: REDF's loans cover 60% of the actual dwelling value, and families have to provide 40% of remaining value. Low-income families spend over 55% of their total income, which exceeds global average estimated by 30%. The study found that loans do not consider economic and social characteristics of the beneficiaries, and lack controlling policies for loan-collection processes, the thing that increases accumulation of waiting lists and shortage of financial resources for REDF.
Study Conclusion: Developing guidelines to ensure equitable distribution to beneficiaries in line with their income and market housing value. Diversifying REDF's financial revenues to cover accumulated applications, and reconsider building regulations in order to reduce housing cost to make it affordable.

Keywords: Evaluation, Real Estate Development Fund, REDF, Housing Affordability, Riyadh, Saudi Arabia.

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