Decline in Interest Rates Expands Opportunities for Real Estate Refinancing in Saudi Arabia

SourceAsharq AL-awsat
SectorReal Estate
CountrySaudi Arabia

Opportunities have expanded for real estate refinancing in Saudi Arabia as interest rates are declining due to the repercussions of the Covid-19 pandemic. Specialists have called for taking advantage of the variety of financing solutions available, especially long-term mortgage loans, to increase Saudi home ownership. The Saudi Real Estate Refinance Company - a state-run company that provides real estate financing services - estimated the activity to grow from 290 billion riyals to 500 billion riyals (USD 133.3 billion) this year, and to reach 800 billion riyals (USD 213.3 billion) over the next ten years. According to Fabrice Susini, CEO of the Saudi Real Estate Refinance Company, the Saudi government has introduced some prudent support packages with the aim of more...