By Majid Al-Shabib
Riyadh-Mubasher: The real estate financing in Saudi Arabia declined by 40% in the first year of implementing the first payment condition, a source told Mubasher.
Saudi Arabia’s central bank SAMA earlier stipulated that clients should pay 30% of the financing value as first payment.
The source, who preferred anonymity, said the housing ministry seeks to find solutions with banks for the real estate financing through the off-plan sale.
Bandr Al-Abdulkarim, advisor of the housing minister, earlier told Mubasher that the ministry works with SAMA to solve the first payment issue.
Translated by Abdul Maguid Aboshahla
