In 2023, the Sheikh Zayed Housing Program made significant strides in addressing housing needs, issuing a total of 4,334 decisions amounting to AED 3.34 billion. These decisions included 1,025 housing grants totaling AED 682.3 million and 3,015 housing finance decisions totaling AED 2.38 billion.

Read this also : Dubai to Allocate 15% of Property Sales to Emirati Brokers

Mohammed Al Mansoori, Director-General of the Sheikh Zayed Housing Program, highlighted that closed loan files accounted for 9.4% of the total, with active loan decisions amounting to AED 17.502 billion, constituting 90.6% of the total.

Established in 1999, the Sheikh Zayed Housing Programme aims to enhance the quality of life for Emirati families by providing sustainable housing solutions. Under the visionary leadership, the Program has achieved significant milestones, positively impacting thousands of lives.

Read this also : Expo Sharjah Plans Expansion to Attract New Exhibitors and Boost Economic Growth

Al Mansoori emphasized the Program’s achievements, stating, “Over 91% of citizens now own residences, one of the highest rates globally.” He highlighted the reduction in the time needed for citizens to obtain housing support decisions, from 4.42 years in 2017 to 1.07 years in 2023. Additionally, the number of support decisions surged to 4,334 in 2023, compared to 835 in 2021.

Read this also : Exclusive Ramadan Offer: 50% Discount on Haramain High-Speed Railway Tickets for Umrah Travelers

Since the launch of the Housing Policy in mid-2022, the Program has approved decisions for 6,235 housing loans valued at AED 4.953 billion in collaboration with banks. The compliance rate stands at 95.92%, with 90% of housing needs being met and a 58% reduction in accumulated applications, decreasing from 13,666 applications in 2020 to 5,830 in 2023.

Read this also : Ras Al Khaimah Government Expands Ownership in Leading Real Estate Firm

The Program operates on objective standards ensuring equity, transparency, and effective allocation of assistance to those in need.