Mortgage finance system has helped home ownership in Saudi Arabia

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RIYADH: The second edition of the Saudi Housing Finance Conference concluded in Riyadh on Wednesday.

Housing Minister Majid Al-Hogail stressed that the mortgage finance sector in the Kingdom will play a significant role in increasing the ownership rate, reaching 70 percent by 2030.

He emphasized that the mortgage finance sector is undergoing significant growth; last January, more than 9,000 housing finance contracts worth more than SR4.7 billion ($1.25 billion) were signed.

He said: “The private sector’s contribution to mortgage financing did not exceed 35 percent in the past whereas it has reached 100 percent today. We also aspire for the investments in the mortgage finance sector to reach SR60 billion this year, which will facilitate ownership, benefiting from the available financing facilities for citizens.”

He noted the policies of the housing program where 16 government agencies work together to overcome obstacles that prevent their initiatives giving citizens the ability to own houses, especially policies related to financing and housing support.

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