Zayed Housing ... Notable Achievements

Since establishment in 1999, Sheikh Zayed Housing Program has committed to enhancing citizens’ wellbeing and the quality of life for Emirati families through providing sustainable housing solutions. Owing to the future-oriented vision of wise leadership, the Program has made notable achievements that touched the lives of thousands of people.  

Speaking of these achievements, His Excellency Eng Mohammed Al Mansoori, Director General of Sheikh Zayed Housing Program, said: “Over 91% of citizens now own residences. This is one of the highest rates globally.

Additionally, the program was able to reduce the time needed for a citizen to obtain a housing support decision, whether a loan or a grant, from 4.42 years in 2017 to 1.07 years in 2023. Moreover, the number of decisions has surged. In 2023, 4,334 support decisions were made, compared to 835 decisions made in 2021, representing a 72% increase. At the same time, the percentage of reduction in funding for housing support decisions by the government amounted to more than 400%, with a 62% increase in the percentage of meeting housing needs, where the percentage was 34% in 2022, and reached 96% last year.”

He added: “The 4,334 decisions made in 2023 were valued at AED 3.338 billion. These included 3,002 housing finance decisions at AED 2,380,551,000 and 1,025 housing grants at AED 682,300,000. 

His Excellency Eng Al Mansoori noted that active loan decisions amount to AED 17.502 billion, at 90.6%, while the percentage of closed loan files is 9.4%.

He added: “Since the launch of the Housing Policy mid-2022, decisions for 6,235 housing loans valued at AED 4.953 billion have been approved in collaboration with banks. The compliance rate has reached 95.92%, while the percentage of meeting housing needs has been 90% and the percentage of reducing accumulated applications has reached 58%, going down from 13,666 applications in 2020 to 5,830 applications in 2023. We aspire to further reduce this number, which will increase the happiness of our customers and give them enough time to plan their future homes.

“The Sheikh Zayed Housing Program translates the directives of the wise leadership by developing its services and working relentlessly to provide decent houses for every Emirati family. While evaluating applications and approving grants, the Program relies on objective criteria that ensure transparency and equity and ensure that the support reaches those that need it the most.”

Follow Emirates 24|7 on Google News.