Saudi Minister of Housing, Majid Al-Hogail, revealed during the housing finance conference in the Kingdom that the real estate finance sector needs between 60 to 80 billion riyals annually, speaking of the jump in housing loans Last January, it increased by 260% to reach 4.7 billion riyals.

Al-Hogail emphasized that home ownership in Saudi Arabia is growing between 6 and 7% annually, and hopes to increase the growth rate of home ownership to 15 thousand families per month by 2020, from just over 10 thousand Monthly for the time being.

Al-Hogail explained that there are major challenges facing real estate finance companies in Saudi Arabia, and that the market today has become more open to competition in the real estate finance sector, and 2019 will be a distinct year in the harvest, The private sector will have a major role in the growth of the residential sector in Saudi Arabia.

It is worth noting, a recent report issued by the Saudi Monetary Agency, on real estate finance indicators, revealed that 80% of the total new real estate financing provided by banks and real estate financing companies In January of the year 2019 AD, it belongs to the Ministry of Housing products, that is, around 7,648 contracts, in January.