11/12/2010
Attended by the Head of Chamber's Real Estate Committee and the economist Abo Dahish
Asharqia Chamber organizes today evening Saturday, December 11, 2010 Symposium on the MortgageSystem and its role in the development of the real estate sector. Speaks during the Head of the Chamber's Real Estate Committee Ayed Bin Farhan Al Qahtani, and Economic specialist Dr. Abdulwahab Abo Dahish.
Symposium examines a number of themes, in which the first axis deals with: the importance of real estate sector and its position in the economic structure of the Kingdom and the Eastern region specially. While participants addresses under the second axis: Problems facing the real estate sector in the absence of mortgage system. As an introduction to discuss the system concept and mortgage conditions, and its role in the development of the sector, the third axis is trying to introduce (A Future vision of the real estate sector in the presence of mortgage system).
The Chamber recently issued a study on the issuance of mortgage system and itsapplication due to its positive effects in refreshing the real estate market ..
The study reveals a number of positive effects of the implementation of mortgage system, first in increasing the proportion of the credit allocated by the commercial banks to finance the real estate sector, and that the guarantees provided by the mortgage system will be a catalyst in the development of banks programs and creation of new processes for real estate finance.
In addition to create a competition among banks to attract the largest segment of customers .. The mortgage system will ease the burden on real estate development fund. In addition, the system helps the citizens of the middle-income to own houses instead of renting them for years without being owned.
Above all,The study concludes that the issuance of the mortgage system by start applying it will contribute in strengthening the confidence in the Saudi real estate market, in which encourage investors to enter the market and therefore expand their investments.
