Saudi minister says home prices lower than 2014, 2015

Majed Al Hogail, Saudi minister of housing, said the ministry focuses on offering mortgage loans to citizens and on helping defaulters repay their debts. 

In an interview with Al Arabiya TV, Al Hogail said most of the prominent programs offered to defaulters included the additional loan, the reduction of the down payment from 10% to 5% and the easy mortgage. 

He added that only two persons applied to benefit from the defaulter support program, noting that the mortgage loan defaulters are less than 0.5%, which reflects the Saudis’ commitment to fulfill their obligations. 

Al Hogail also said the ministry offers several options to citizens in terms of land space and housing scheme, indicating that the housing prices are now lower than 2014 and 2015.