Housing Minister Majed al-Hakil confirmed that the ministry is committed to ensuring the first installment of 5%, % or providing affordable mortgages for those who do not have the financial ability, adding that the ministry, in cooperation with the refinancing company (Sark), is working on investing in securities to grow and develop real estate financing, adding that the failure rate in financing in the Kingdom is among the lowest in the world, expecting an increase in its rate due to targeting a larger number of citizens.<\/p>\n
Hakil stated that the real estate financing market grew by 29 percent % during 2017, explaining that agreements were signed with a number of real estate developers from within and outside the Kingdom, noting that the ministry ensures that the citizen has the freedom to choose the real estate developer; pointing out that the momentum in real estate financing continued in 2018, growing by 98 percent % on a year-on-year basis in January 2018.<\/p>\n
During his participation in the conference of the Real Estate Development Fund held yesterday in Riyadh, Hakil said that the Ministry of Housing hopes that there will be monthly installments for house rentals instead of the previous system, in order to facilitate citizens, and that the rate of default on all housing products is 7%, which is % considered the lowest globally, and we expect that this rate will increase among those who do not have a fixed income; therefore, there is a committee from the Ministry to monitor this, and we will work to support those who are defaulting outside the system of the relationship between the owner and the financier, adding that through the Housing Program, the Ministry created a committee in which a number of competent authorities participate to monitor defaults more effectively and develop appropriate solutions.<\/p>\n
Hakil revealed that the ministry is currently working on studying new financing policies in the coming phase to revive the cities abandoned by Saudis, or through other financing policies to restore the houses there. He pointed out that the sales rate on the map is 3 % and they are currently working to increase it to 50 % and indicated that the government may need to purchase land to provide different policies, explaining that the ministry has a policy of providing additional liquidity to the market through a refinancing company by injecting liquidity through the purchase of funds between 50 and 69 billion riyals during 2020.<\/p>\n
Hakil confirmed that the ministry aims to increase the volume of real estate financing to 502 billion riyals by 2020 from the current 290 billion riyals, noting that there are currently 6.5 million housing units in the Kingdom with a value of 2.5 trillion riyals.<\/p>\n
He added that work is underway to facilitate access to financing so that Saudi citizens\u2019 opportunities to obtain it will increase fivefold compared to the past, and that the government wants to increase activity in the real estate market while striving to revive its economy and is taking steps to reform the sector within the Kingdom Vision 2030.<\/p>","protected":false},"excerpt":{"rendered":"
Reading time: <\/span> 2<\/span> Minutes<\/span><\/span>Housing Minister Majid Al-Hogail confirmed the ministry\u2019s policy of guaranteeing a down payment of 5 % or offering affordable mortgages to those who lack the financial means,\u201d Al-Hogail noted that the ministry, in cooperation with the Refinancing Company (SARK), is working to invest in sukuk to grow and develop real estate financing. He added that the Kingdom\u2019s loan default rate is the lowest in the world, though he expects it to rise due to the targeting of \u2026 Read 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