Saudi Arabia holds out for mortgage reform | beyondbrics | FT.com

Rumours about the imminent approval of the Saudi mortgage law continue to circulate, but have yet to materialise.

The Shura Council, the unelected consultative body, approved a draft nearly two years ago, but Saudi officials continue to refine details, with attention to compliance with Islamic law and averting excesses witnessed in Dubai or overseas.

In Saudi Arabia, real estate is driven mainly by domestic demand rather than speculative money. Less than 35 per cent of Saudis own their own homes and more than a million units will be needed in the coming five years.