Saudi Arabia's mortgage market value nears 1 trillion riyals

In recent years, the total value of Saudi Arabia's mortgage market has approached 1 trillion riyals (approximately $266.5 billion), Ali Al-Ahmed, Director General for Supply Chain at the Ministry of Municipalities and Housing of Saudi Arabia, said during an event held within the 13th Session of the World Urban Forum (WUF13) in Baku, Report informs.

The director general explained how citizens eligible to purchase housing are grouped based on several factors, with income being the key criterion: "If your monthly income is 4,000 riyals (about $1,066) or more, you qualify for affordable housing. Once eligible, there are various subsidized packages offered by the government in cooperation with local banks. More than 16 banks in Saudi Arabia provide these real estate loans. Over the past five years, real estate lending has risen from 400 billion riyals (approximately $106.6 billion) to 900 billion riyals (approximately $239.9 billion)."