Saudi real estate finance to top $13bn mark
Riyadh, April 12, 2014
The real estate market in Saudi Arabia is set for solid growth with the volume of finance in the sector poised to cross the SR50 billion ($13.3 billion) mark by the end of the second quarter, said a report.
This is an increase of five per cent when compared to last year's figures, local media said quoting financial and property experts, reported the Arab News.
This comes on the back of a number of positive changes in the property market, notably following the Saudi Arabian Monetary Agency's (Sama) giving licenses to a group of financial institutions for rendering funding facilities to housing projects, the report stated, citing officials.
The economic activity in the area of real estate will positively reflect on the sector, which is witnessing tremendous growth in light of the geographical expansion of the work of the Ministry of Housing toward provision of adequate housing to citizens.
According to experts, the real estate activity was expected to grow by 5.8 per cent, and its share to the gross domestic product (GDP) was poised to hit 7.2 per cent in 2014 compared to 6.8 per cent the previous year.