5:51 م
salah elsayed
Increased in the recent period the demands of professionals to expedite the issuance of the mortgage law in Saudi Arabia, where they expect it will restore the natural balance of the real estate market after the withdrawal of speculators in the event of a law, they say, will demand real investment and not a placebo, which will prompt developers to return to the market to meet the needs of the population who are looking for ordinary homes or luxury, it is worth mentioning that the Kingdom is working on finalizing the draft regulations on the mortgage to be issued this year.There are many opinions about the importance of the mortgage and disadvantages in the event of application, but the specialists say that it has become a pressing need in light of the circumstances affecting the real estate sector because of the inability of people to buy apartments, residential, and projections indicate that the mortgage system in Saudi Arabia will introduce a shift in the direction of demand for real estate to rise by about 50 percent, and finds workers in the real estate sector that the mortgage system will have the benefits of great influence, both on the real estate market or the banks themselves, which will have to update their programs and services and develop them into even better able to meet the needs of the real estate sector during the next phase. Projections indicate that the mortgage system will adopt during the remainder of the year.It is worth mentioning that the mortgage system has raised over the past two years a lot of controversy in the domestic arena is Saudi Arabia, and managed during this period to restore vitality to the real estate sector once again, especially with stock losses successive, which had lured profit capital investors in the real estate sector, and in this connection report said Jones Lang LaSalle for real estate studies recently published, that the mortgage in Saudi Arabia will work to add positive points in the real estate market in the Kingdom, while also faces obstacles standing in front of its application, and that the positive points is that the mortgage would be a legitimate framework to the issue of borrowing, where the foreclosure laws apply Islamic law in financial transactions, helping to increase loan applicants and the increasing demand for housing.The report confirms that the mortgage will increase the numbers who wish to own housing, which means lack of demand for residential rental, and the achievement of the pressure on prices of residential units which will lead to lower selling prices and competition among developers, and spur local developers to increase housing construction, which contributes to the advance the development by the construction sector and related aspects.Experts believe that the mortgage if implemented, would not affect prices too much, because a lot of people have financial obligations to the banks because the loans, some have even purchased the land through the bank or even buy a house, as banks, companies established and began offering loans, for this would be a positive impact in the interest of real estate investors and will increase their investments and Tktalathm real estate, which contributes to move the volume of large transactions, and others argue that the mortgage will increase the capacity of those willing to get the pieces of residential property, therefore, without doubt, the mortgage will raise prices the imbalance of supply and demand, it will raise the property on the one hand, and will be a crisis on the other hand, in the sense that it has the property Serhnha to obtain the liquidity that will allow the creation of new investments of benefit to the merchant on the one hand and increasing opportunities for investment in a short time, thus meeting the increasing demands in the market of the house, and it is known we are the highest percentage increase in population growth in the world and the largest segment of young people, which requires a larger number of residential units, either rent or own, adding: It is possible for the average citizen that the mortgage is owned by and take advantage of this money to invest in successful without fear for his home and risk it would become a disaster, as happened in America, as happened in the stock when borrowed a lot of people have become more frequent liquidity in the market, which led to the landing and the loss of many people in their capital, and continue to repay their debts. It is a double edged sword, Fboidina benefit from it without recklessness and risk-taking and check it carefully in how to invest these funds.And spends the Saudis, according to industry reports up to one-third times the rental of housing, with an estimated average annual rent after wave of high prices by about 35 thousand riyals, while the average value of the installment to the owners of mortgages intended for home ownership 3 thousand riyals, a total of 36 thousand, and some studies suggest that 47 percent of Saudis have obtained a mortgage through personal loans, and 24 per cent through private savings, ie cash, and 16 percent from friends or family, and 7 percent of the providers of financial services 0.6 percent of the developer.The upsurge in demand for financial products at the time recorded by Saudi Arabia in second place globally in the rate of population growth after Yemen. Experts say Islamic real estate finance industry as a sleeping giant about to wake up with the trend for the implementation of standard transactions worth billions of dollars this year.Observers expect to announce the Kingdom before the end of this year, a new mortgage system, after completion of the details of all regulations. The importance of making the mortgage system to enable the business sector to contribute in facilitating the citizens have their own homes, as well as support and financing of national industries, especially in light of the reluctance of local and foreign banks from lending to those industries.Experts have predicted that the adoption of open system mortgage wide local market in light of funding channels clear and guaranteed. Real estate Saudis are betting that the application of mortgage system in Saudi Arabia would rein in property prices and residential units in the past is rising, make the dream of home ownership is unattainable for the majority of citizens
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