imported 2024-03-17 17:43:08
That is a very difficult question. We talk about numbers and it is not clear what the right number is. Right now it is a different story, there are some journalists or activists that claim that there are one million units available i.e. one million units not occupied.
Naif Abdulmohsin Al-Baz, CEO of Deutsche Gulf Finance talks about the housing sector in Saudi Arabia.
Naif Abdulmohsin Al-Baz, CEO of Deutsche Gulf Finance talks about the strategy of Gulf Deutsche Finance.
Naif Abdulmohsin Al-Baz, CEO of Deutsche Gulf Finance talks about the sophistication of the mortgage market in Saudi Arabia.
Naif Abdulmohsin Al-Baz, CEO of Deutsche Gulf Finance talks about the outlook for the mortgage market in Saudi Arabia.
According to the latest SAMA records the total mortgage size in Saudi Arabia is more than 100 billion riyals, coming mainly from the commercial banks. This represents only the official figures excluding Real Estate Development Fund (REDF) financing. If you compare this number to the consumer finance and other corporate finance products, it is very small. The reason is that the population of Saudi Arabia is viewed as a young population and mortgages are now something that is becoming a necessity for people in Saudi Arabia because of their gradual ageing.
Yasser Abu Ateek, CEO of Dar Al Tamleek talks about outlook for the mortgage market in Saudi Arabia.
We don’t have a clear vision of what is going to happen. In order to do product planning you need data and unfortunately accurate data is not available in Saudi. If you want to plan for the next five years you need to know how many houses are going to be built, how many exist, how many are going out of the market, how many permits have been approved etc. all of this data is not currently available or it is available but it’s not accurate.
“EFSA is the result of unifying all the financial regulators. Our Constitution mentions EFSA, or the non-banking finance regulator as an independent body. We regulate 6 activities, capital markets, insurance, private pensions, mortgage, leasing and factoring. And as a recent development, for the first time in Egypt, microfinance. It is challenging.”
