Egypt plans gold fund law, seeks to become regional refining hub    Egyptian pound dips against US dollar in early Thursday trade    Egypt's electricity minister, Copelouzos Group discuss progress on Egypt–Greece power interconnection    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Prime Developments, Osoul for Tourism Development launch EGP 1.25bn CLAN project in Hurghada    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Total financing by FRA-regulated entities hits EGP 640.1bn in June 2025    Egypt, Saudi Arabia reject Israeli plan to occupy Gaza    Egypt prepares to tackle seasonal air pollution in Nile Delta    27 Western countries issue joint call for unimpeded aid access to Gaza    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Australia to recognise Palestinian state in September, New Zealand to decide    Egypt, Huawei explore healthcare digital transformation cooperation    Global matcha market to surpass $7bn by 2030: Nutrition expert    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Oil rises on Wednesday    Egypt, Uganda strengthen water cooperation, address Nile governance    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Egypt, Malawi explore pharmaceutical cooperation, export opportunities    Korean Cultural Centre in Cairo launches folk painting workshop    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



New Mortgage Law To Propel Real Estate Investment
Published in Amwal Al Ghad on 28 - 07 - 2012

In the wake of the new mortgage law, real estate experts and banking officials say that a range of facilities will now be available to investors in a bid to attract more foreign investment. They told Arab News that such investments would support the national economy and revive related sectors including construction.
"Competition will be tough since the new mortgage law ensures the fairness of the transaction and the safety of the financial system," one of them said.
"After the implementation of mortgage law, we expect Saudi market to witness an increase in the amount of foreign investment to 70 percent. Many real estate companies have been looking to invest in the Saudi real estate market. However, new Emirati, Japanese, and Korean companies would join the Saudi real estate market very soon. I believe that Makkah is the most demanded residential area where a Korean company will start the building of five residential projects very soon," said Aziza Mansour, chairman of the board of Aziza Mansour Co. Ltd.
She added: "I expect a tough competition in Saudi real estate market between both local and foreign investors. I believe that foreign investors will win the competition due to several reasons. Actually, foreign investments always follow a flexible strategy, which makes both land's owner and customers satisfied."
According to Mansour, banks would face many obstacles that prevent them from dominating Saudi real estate sector.
Anas Al-Marhoumi, banking expert, stated that players in the Saudi real estate market will increase where both banks and foreign companies will compete in addition to local real estate companies.
"Such tough competition will benefit the residents, where banks will try its best to attract large number of clients by decreasing the profits and set a flexible law to facilitate repayment of the loan," he said.
Al-Marhoumi added: "The entering of foreign real estate companies will change the style of the Saudi apartments too."
According to statistics, the need for residential units in the Saudi real estate market over the next five years will gradually increase.
"Saudi Arabia will be a top investment area over coming two or three years as billions of riyals will be invested in the Saudi real estate sector, he said.
"If the opportunity given for partnerships between national and foreign companies, we will find success in the formulation of strategies and new real estate prices that will be subjected to competition in the supply and demand," he added.
"The issuance of mortgage law might change the specifications of the Saudi real estate market. I believe that multiple alliances between companies, real estate development and finance companies will be established to provide new standards in the market," said Turki Fadaak, director of research and advisory at Albilad Investment Co.
"These alliances will try to offer products and services, better than the services provided by banks, aiming to acquire a larger share of customers," he added.
Arab News


Clic here to read the story from its source.