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Delayed mortgage law 'set to be implemented in Saudi Arabia'

03 Feb 2010

Delayed mortgage law 'set to be implemented in Saudi Arabia'
A mortgage law that was first proposed three years ago could finally be implemented in Saudi Arabia, it has been said.

Mohammed Al-Jasser, governor of the Saudi Arabian Monetary Agency, told Arab News that he expects the proposed law to be finalised within the next few months.

It is set to make it easier for people on low to middle incomes to be given property loans.

Mr Al-Jasser said: "It will be a qualitative jump in the way we finance housing in the country and in the way we use financial instruments that are linked to the housing market."

Analysts have predicted that the introduction of the new legislation will bring about a second housing boom in Saudi Arabia as more people have the opportunity to get on to the property ladder in the country.

Earlier this week, the BSF Business Confidence Index reported that 47 per cent of Saudi Arabian businessmen believe buying real estate is the most lucrative investment market in the country.
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