28 days ago • Posted by William Ramstein
Saudi Arabia wants 70% of population to be homeowners by 2030
S&P Global Ratings forecast Saudi banks' aggregate mortgage portfolio would expand by 30% annually over the next couple of years, with credit demand set to grow through 2021 and 2022. The central bank has eased capital requirements for mortgage lending, Ratings notes, in order to help achieve a home ownership target of 70% by 2030. Last October, Saudi Arabia made real estate transactions exempt from the 15% VAT rate, instead introducing a 5% property tax.