At a time when the state is moving to push the wheel of housing development in the Kingdom and solve the housing crisis by enacting many regulations that addressed many obstacles that stood in front of real estate developers, and even went further by authorizing the sale of residential units on the map and allocated valuable incentives and administrative facilities that were a dream for developers, primarily to restore the trust that was missing between buyers and owners of residential projects and schemes.
In parallel steps with the activation of new regulations, the Ministry of Housing began to fulfill its promises to make 2107 a year that draws new features for the ministry to move forward towards housing development.
In parallel steps with the activation of the new regulations, the Ministry of Housing began to fulfill its promises to make 2107 a year that draws new features for the ministry in moving forward towards achieving its strategy, knocking all means, and last week pumped more than 15. distributed throughout the Kingdom and with all these efforts, the real estate finance link remains missing in this movement, which is expected to change the compass and thermometer of the market towards the residential sector.
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Yes, the Ministry of Housing and the Saudi Monetary Fund (SAMA) are required to put pressure on banks to find strong and courageous regulations that oblige banks to finance real estate development projects according to partnership contracts that put financiers as partners so that we ensure the continuity of liquidity and the flow of housing products at competitive prices whose installments do not destroy the beneficiary, who often becomes (loser) by not paying back unincentivized loans, , it is unreasonable in the economic system to see many times the decline in bank financing for real estate development operations and accompanying activities such as building materials, whose import financing decreased in 2016 to 17%, equivalent to three billion riyals; as these new credits opened during the year amounted to 14. 7 billion riyals compared to 17.7 billion riyals.This significant decline in supporting urban development enters the banks in the circle of breaking the resolve of housing development, which has become a national concern on which the state is unanimous and our wise government has done everything possible for the comfort of the citizen, but the banks are still below the ambition to contribute to the realization of the ambition of "housing for every citizen".
We also hope that the Ministry of Housing will continue its support for developers by canceling the fees imposed on real estate exhibitors and paying an amount of 3000 riyals for each day of exhibition of their projects that companies seek only to enlighten the public and know their housing desires, as there is no sale in exhibitions, and we hope that the Ministry will adopt the role of mediator in bringing interests closer between the trio (banks, developers and landowners) so that we achieve the wise leadership's wishes for adequate housing for every citizen.
