The housing issue in the Kingdom did not receive official interest and government support before as now, under the umbrella of the Kingdom's Vision 2030.This interest indicates that the wise government decided to solve this problem as soon as possible, and with the best enforceable mechanism on the ground. What the real estate sector has been witnessing in the country in recent years, since the declaration of the Vision in 2016 to this very moment, bears hopes that the housing issue is close to end.
The solutions provided by Vision 2030 to the housing issue are many and miscellaneous, reflected in the form of new regulations and legislations which the real estate sector has been in dire need for decades, but achieved in the time of the Vision. These solutions are topped by strengthening mortgage programs which are provided to individuals from all financial institutions, whether commercial banks or financing companies, as well as diversification of financing products, commensurate with the financial capabilities of all citizens at all levels. When residential real estate loans jump to 15.961 contracts during last July alone at a total value of about SR7.2 billion, this indicates that the government is serious in taking the issue to an end, and also indicates that "housing loans" serve as solutions to the housing issue in the Kingdom. It is enough to assert that the July loans represent a 266% increase in the number of loans, a 189% increase in the volume of financing on an annual basis and about a 65% increase compared to last June in terms of the number and amount of loans.
The jump in mortgages was not limited to July only, but included all the months of this year (2019). This is confirmed by statistics released by the Saudi Arabian Monetary Agency (SAMA), which announced that the total loans provided during the first seven months of the same year reached about 84.481 financing contracts, worth SR38.581 billion, compared to about 24.000 contracts, worth SR15,238 billion during the same period in 2018.
The pros of the great leap in the residential mortgages are that they are not confined to the real estate sector and its personnel only, but are reflected in many other sectors that are directly and indirectly related to the real estate sector, such as furniture and furnishings, retail fairs, home accessories and others. These sectors have experienced remarkable recovery on the margins of the injection of mortgage funds into the markets.
The official efforts exerted to solve the housing issue are qualitative and deliberate. They inspire hope that every citizen today is so close to owning a suitable housing, terminating the housing issue in the Kingdom soon.