S/Arabia approves SR5 billion housing loans

The SR5 billion loan represents the third batch this Hegira year for 10,000 citizens who were on the waiting list for 10 years, Mohammed Al-Abdani, Director General of REDF said here on Wednesday.He urged citizens on the approved list to report to the branch through which they applied for the loans to finish the formalities […]

The SR5 billion loan represents the third batch this Hegira year for 10,000 citizens who were on the waiting list for 10 years, Mohammed Al-Abdani, Director General of REDF said here on Wednesday.
He urged citizens on the approved list to report to the branch through which they applied for the loans to finish the formalities and start receiving their loans.
The new batch of loans will finance construction of more than 12,000 housing units in major cities in the Kingdom.
An economist said that these loans will not only ease the shortage in housing units in the Kingdom, but will also boost construction and related businesses in the cities in which these units will be built, in addition to creating temporary jobs.
Last month, the Shoura Council approved uniform rules to obtain loans from the Real Estate Development Fund on the basis of social, cultural and economic situations of the individuals. It decided to treat male and female citizens equally in all conditions for obtaining loans like age, marital status and other factors.
The Saudi residential market witnessed a solid growth in the first quarter as demand for housing rose backed by increased levels of credit, employment, assistance and confidence.
The residential prices were on the rise in both capital Riyadh and the Kingdom’s leisure destination Jeddah.
In Riyadh, the average rents and prices of both apartments and villas witnessed a steady rise as supply continued to trail demand, said a report which highlights the latest trends in the office, residential, retail and hotel sectors of the market in the two cities.
-Saudi Gazette