Database to speed up real estate funding

Establishing an organizational framework to develop ideal cities in Saudi Arabia is what the Saudi ministers called for during the first day of the Jeddah Economic Forum (JEF).

Showisha Al-Duwaihi, minister of housing, confirmed that plans are under way to launch a new system to organize ownership and housing rents.

“We are looking to increase the efficiency and sustainability of the housing system in the Kingdom through developing a program called “Ijar,” which will set the prices as well as monitor and study the market. The project will be ready by the end of the year,” he said.

Al-Duwaihi added: “We have increased the rate of loans as an initial step to try and resolve the housing crisis, thereby enabling lenders to receive grants within eight months of applying.”

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