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Proposed mortgage law to curb prices
March 10, 2010
The approval of the long-awaited mortgage law in Saudi Arabia this year is expected to curb sharp increases in property prices, spur bank credit and encourage investment in the sector, a Saudi official said.
Hassan Akeel, Undersecretary of the Ministry of Trade and Industry, said the mortgage law has become crucial to stabilise the property and construction sector, which he described as one of the most important components of the gross domestic product in the world's dominant oil power.
Quoted by local newspapers, Akeel did not specify when the mortgage law would be issued this year, but said it would bridge a widening gap between housing demand and supply caused by relatively low supply and population growth.
Original Posting At: Zawya
Hassan Akeel, Undersecretary of the Ministry of Trade and Industry, said the mortgage law has become crucial to stabilise the property and construction sector, which he described as one of the most important components of the gross domestic product in the world's dominant oil power.
Quoted by local newspapers, Akeel did not specify when the mortgage law would be issued this year, but said it would bridge a widening gap between housing demand and supply caused by relatively low supply and population growth.
Original Posting At: Zawya
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