Saudi Arabia wants mortgage market to grow to $134 billion by 2020

Saudi Arabia wants mortgage market to grow to $134 billion by 2020:

"Saudi Arabia’s housing ministry has set a target for the mortgage market to reach a total value of 502 billion riyals ($134 billion) by 2020 from a current 290 billion riyals, the kingdom’s housing minister said on Wednesday.

Saudi Arabia has launched a program of measures to stimulate mortgage lending. So far these include allowing banks to provide a bigger share of funding for home purchases and lifting the maximum loan-to-value rate on for mortgages for first-time homebuyers to 90 percent from 85 percent.

“We are working to facilitate access to finance so that Saudi citizens’ chances to obtain fivefold what [it] was in the past,” Majed al-Hogail said at a housing conference."



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