Saudi realtors urge enactment of mortgage law
Riyadh, February 3, 2011
A number of Saudi real estate firms are urging the implementation of a mortgage law that is expected to help put an end to unscrupulous practices among some real estate companies.
The law, which is expected to usher in a new boom in the real estate sector, would also help stop individual investors from jacking up the price of land and homes, one realtor was quoted as saying by Arab News.
“They are trying to exploit the situation before the implementation of the mortgage law, which has specific provisions to curb such practices that are prevalent in the real estate market in general and the housing market in particular,” he said, according to the report.
Prices are being artificially increased at a time when there is a stagnation in the real estate market, the report quoted the realtors as saying.