Saudi Arabia is likely to see investments in the mortgage financing sector balloon up to SR80 billion ($21.3 billion) by the year-end, which will facilitate ownership, benefiting from the available financing facilities for citizens, reported SPA, citing the country’s housing minister.
The real estate finance sector in the kingdom will play a significant role in increasing the ownership rate, reaching 70 per cent by 2030, remarked Majid Al Hogail, while speaking at the second edition of the Saudi Housing Finance Conference in Riyadh yesterday (March 6).
He pointed out that the country’s mortgage finance sector was undergoing significant growth. “In January, the kingdom had signed more than 9,000 housing finance contracts worth over SR4.7 billion,” he noted.
“In the past, the private sector’s contribution to mortgage financing did not exceed 35 per cent, but now things are changing with the figures reaching 100 per cent today,” he added.
TradeArabia News Service