Mortgage laws ‘will protect citizens from price collusion’

New mortgage laws will protect citizens from price collusion between banks and property companies and prevent an American-style housing crisis, said Shoura Council member Dr. Nasser Abdullah Al-Maimaan.

In a recent wide-ranging interview, Al-Maimaan also called for the Shoura Council to be given more powers and administrative and legal support.

Al-Maimaan said the Saudi Arabian Monetary Agency (SAMA) is tasked with monitoring banks and real estate companies to prevent price manipulation.

“This is a competitive market and the Saudi Arabian Monetary Agency monitors finance companies. A tough sanctions regime is in place for offending companies, which may, in some cases lead to closure and fines.”

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