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New mortgage law brings new players to Saudi real estate market

Experts have said the recently approved mortgage law in Saudi Arabia is expected to modernise the kingdom's real estate market through attracting foreign investments, Arab News has reported. "After the implementation of mortgage law, we expect Saudi market to witness an increase in the amount of foreign investment to 70%," said Aziza Mansour, chairman of real estate developer, Aziza Mansour Co. "Many real estate companies have been looking to invest in the Saudi real estate market. However, new Emirati, Japanese, and Korean companies would join the Saudi real estate market very soon. I believe that Makkah is the most demanded residential area where a Korean company will start the building of five residential projects very soon," Mansour said.