Complex Made Simple

Efforts made to reduce cost of mortgage contracts

"General policies of real estate finance" will strengthen coordination and cooperation between relevant authorities in real estate finance sector

The Saudi cabinet’s approval of the general policies of real estate finance aims at achieving sustainable and balanced growth of the real estate sector, says a senior official.

Dr Fahad bin Abdullah Al-Mubarak, governor of the Saudi Arabian Monetary Agency, says: “This will be applied by providing mortgage finance to all segments of the society and finding a reasonable cost for financing mortgage contracts.”

He adds: “The cabinet’s approval will also draw prudent risk-management policies related to the real estate sector to enable the dealers in this sector to achieve their goals and activate the role and participation of the private sector in the development of the real estate sector,” reports Saudi-based Al Eqtisadiah.

Al-Mubarak stresses that “the general policies of the real estate finance” will contribute to strengthening the coordination and cooperation between the relevant authorities in the real estate finance sector to achieve the goals and regulations of real estate financing and support the government’s efforts to provide adequate housing for citizens.