Arab Today, arab today new laws a boon for prospective homeowners
Last Updated : GMT 01:27:57
Arab Today, arab today
Arab Today, arab today

New laws a boon for prospective homeowners

Arab Today, arab today

Arab Today, arab today New laws a boon for prospective homeowners

Riyadh - Arabstoday

The new mortgage and real estate financing laws, which were passed by the Cabinet last Monday, would bring about a drastic change in the real estate culture of Saudis, making them homeowners instead of home renters. Housing Minister Shuwaish Al-Dowaihi said in a statement on Wednesday that the new laws would help solve the housing problem of Saudis as it would enable them to get funds for building homes. \"The new laws would also help real estate companies to present products suitable to various groups of citizens,\" the minister said, adding the executive bylaws would determine the period for repayment of loans. The new laws would enable citizens to have different options to get funds for constructing their homes and implement other real estate projects. Referring to the lease financing law, Al-Dowaihi said it would enable citizens to own houses through installment payment. The mortgage law will also strengthen Saudi citizens\' capability to buy houses or real estate properties. By mortgaging registered property they will be able to get adequate loans from banks, he pointed out. \"All these new laws are steps taken in the right direction toward setting up an integrated system for establishing a sustainable housing market in the country,\" he said. Saad Al-Ajlan, chairman of the trade committee and a member of the board of Riyadh Chamber of Commerce and Industry, said the new laws would boost the Kingdom\'s economy. \"It will bring about a new real estate culture in the country, instead of renting residential units, people will have their own homes.\" He also expected that the new regulations would boost the construction materials sector. Abdullah Al-Howaish, managing director and CEO of Amlak, praised the Cabinet decisions and said it would create a legislative atmosphere enabling individuals and companies to get adequate funds for their real estate projects. \"The market needs 200,000 housing units every year to meet growing demand,\" he said, adding that the suspension of decision on the mortgage law in the past posed a big challenge to the Kingdom\'s real estate market. Al-Howaish said the new laws would help optimum use of real estate properties in the country. \"Amlak was the first licensed company in the Kingdom to provide real estate financing. We have been offering various services and solutions to meet market needs,\" he said. Abdullah Dahlan, chairman of the board of trustees of the Business and Technology University, said the new laws passed by the Cabinet would boost the Kingdom\'s real estate market. \"It will remove many obstacles faced to get finance for housing and real estate projects,\" said Dahlan, who is a member of Jeddah Chamber of Commerce and Industry\'s board of directors. The new laws would accelerate a real estate boom in the country, he added. Naif Al-Odwani, chairman of Taif Chamber of Commerce and Industry (TCCI), said the new laws would help individuals and companies get finance to carry out various real estate projects. \"The mortgage law will be the foundation of the Kingdom\'s real estate market,\" he said. Ahmed Al-Aamoudi, deputy chairman of TCCI, expressed his hope that the new laws would contribute to reducing house rents within three years. \"Saudis have a lot of real estate properties but were lacking funds to develop them. The new laws would solve this problem and boost the market.\" from arab news.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today new laws a boon for prospective homeowners Arab Today, arab today new laws a boon for prospective homeowners

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic
View News in Arabic - Business: عقارات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 21:49 2017 Thursday ,16 February

Scientists develop new therapy

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday