Real Estate News: 90% of new financing contracts are supported by profits

The Real Estate Development Fund announced that 90% of new financing contracts entered into by banks and financial institutions last July, supported by the benefits of the Fund's subsidized mortgage loan program.

The fund's supervisor, Khalid Al-Amoudi, explained that the fund's rise from 7% in 2017 to 90%, announced by SAMA at the end of August, is an unprecedented indicator of mortgage growth in the history of Saudi banks.

He added that the increase in contracts in July to 16,000 financing contracts worth 7.2 billion riyals confirms the continued success of the transformation program led by the Fund and the trust of beneficiaries , underlining that the growth of mortgage loans is a deep conviction of citizens in terms of financing and housing solutions.