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Real Estate Briefing - Categorized | Middle East and Africa, Mortgage more

Saudi Arabia: Introducing mortgages

Posted on 29 August 2012

The real estate sector is set for a boost after new legislation allowing banks to offer mortgage products to home buyers was given final approval, a move that should encourage many young Saudis to shift from renting to ownership. It may take time, however, for both banks and customers to acclimatise themselves to the conditions of the Kingdom’s new property market.
The new law was approved in early July but is not due to come into effect for another few months while the Saudi Arabian Monetary Authority (SAMA) – the Kingdom’s central bank – finalises its regulations covering mortgage financing. The agency will have to ensure the rules take into account the need for products to be sharia-compliant, as well as clearly identify procedures to deal with loan defaults and subsequent legal proceedings………………………………………..Full Article: Source


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