KSA’s resilient residential mortgage market expected to maintain momentum

KSA’s resilient residential mortgage market expected to maintain momentum

RIYADH — The recent move by Saudi Arabia's government to exempt property deals from 15% VAT, and instead impose a new 5% tax on transactions, is expected to maintain momentum in the residential mortgage market, outlined JLL's Q3 KSA real estate market performance report.In another move expected to encourage first time home buyers and support the Vision 2030 goal of increasing homeownership to 60% by the end of 2020 and 70% by the end of 2030, the government has also scrapped the tax from first-time home-buyers of properties worth up to SR1 million.“In addition