Saudi Mortgage Law

Alan Hall discusses the long anticipated mortgage law and its impact on the housing market and banks in the Kingdom of Saudi Arabia.

Will the release of the mortgage law be a precursor to other real estate legislation designed to open up the Kingdom?
It is important to note at the outset that the mortgage law as it is known is a package of related legislation comprising 5 laws dealing with the registration of mortgages, the regulation of finance companies, real estate funding, financial leasing and, importantly, enforcement and execution. To its credit, the approach of the Government has been to adopt a comprehensive reform of the real estate finance regulatory regime in one consolidated package.