Tougher mortgage rules spark plunge in Riyadh property sales | GulfNews.com:
"Residential property sales in Saudi Arabia’s capital Riyadh have plunged since the kingdom introduced tougher mortgage rules last November, research from JLL shows, and the consultancy predicted the restrictions would spur further countrywide declines.
Buyers can now borrow a maximum 70 per cent of a property’s sale price; previously, there were no sector-wide limits. The curbs were announced in 2013 and implemented in November 2014 after the introduction of laws to facilitate mortgage lending.
The restrictions aim to prevent a bubble forming in residential real estate of the kind seen in Dubai several years ago. Authorities want to encourage home ownership and prevent ordinary Saudis from being priced out of the housing market."
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