Foreign investors show strong interest in Saudi mortgages, says Al-Hogail

Majid Al-Hogail, Minister of Municipal and Rural Affairs and Housing

Foreign investors have strong appetite for Saudi mortgages, Majid Al-Hogail, Minister of Municipal and Rural Affairs and Housing, told Euromoney Conference in Riyadh, today, Sept. 7.

He added that the local mortgages witnessed a strong demand from foreign investors, and the ministry is confident in the international campaigns carried out by the concerned authorities.

The local housing market witnessed significant growth and helped banks support the housing program, as the ministry provides suitable options for Saudis to obtain loans.

The reforms in Saudi Arabia made it one of the best countries in the G20 in terms of the competitive mortgage interest rate, the minister said, noting that the mortgage interest rate in Saudi Arabia is very low compared to the other countries.

Elsewhere, Al-Hogail said the sector was affected by the imported inflation, as the ministry stimulated companies to use technology to reduce the impact of inflation.

He added that 30% of the construction materials is imported, indicating that the ministry seeks to ensure the sustainability of supply chains in the local market, while following up on the supply chain crisis to avoid its impact.