Zayed Housing Programme Issues Over 4,000 Housing Decisions In 2023 Worth Dh3.34 Billion

The Sheikh Zayed Housing Programme has recently disclosed its achievements for the year 2023, showcasing a significant impact on the housing sector in the UAE. A total of 4,334 decisions were made this year, with a combined value of Dh3.34 billion. This includes 3,015 housing finance decisions valued at AED2,380,551,000 and 1,025 housing grants amounting to Dh682,300,000.

Mohammed Al Mansoori, the Director-General of the Programme, highlighted the efficiency and effectiveness of these decisions. He noted that active loan decisions currently stand at Dh17.502 billion, accounting for 90.6% of the total, while closed loan files make up the remaining 9.4%. Since its inception in 1999, the Programme has been dedicated to improving the quality of life for Emirati families through sustainable housing solutions.

Al Mansoori proudly stated that over 91% of citizens now own homes, which is among the highest ownership rates worldwide. He also pointed out a significant reduction in the time required for citizens to obtain housing support, from 4.42 years in 2017 to just 1.07 years in 2023. The number of support decisions has also seen a dramatic increase from 835 in 2021 to 4,334 in 2023.

Following the launch of the Housing Policy in mid-2022, the Programme has approved decisions for 6,235 housing loans valued at Dh4.953 billion in collaboration with banks. The compliance rate with this policy has reached an impressive 95.92%, with a 90% success rate in meeting housing needs and a significant reduction in accumulated applications from 13,666 in 2020 to 5,830 in 2023.

The Programme's commitment to transparency and equity is evident through its reliance on objective criteria to ensure that support reaches those most in need. This approach has not only streamlined the process but also ensured that a wider segment of the population benefits from these initiatives.

Through these efforts, the Sheikh Zayed Housing Programme continues to play a pivotal role in enhancing citizens' well-being by providing them with sustainable housing solutions. The achievements of 2023 reflect the Programme's dedication to its mission and its contribution towards achieving one of the highest home ownership rates globally.

With inputs from WAM