Mortgage Finance Law Can Make 25 Million Homeowners

According to Arabianbusiness.com Saudi Arabia's Public Investment Fund (PIF) said on Tuesday it plans to venture into mortgage financing, in anticipation of a mortgage law expected to be completed this year.

"Finance Minister Ibrahim Al Assaf said in February a mortgage law that has been for years in gestation would be implemented this year. Local banks have been looking forward for the mortgage law to be enacted because of the huge business potential that it is set to unlock."

Real estate activity still remains high in the Gulf States. While mortgage activity has decline in Dubai due to the global economic recession the residential real estate prices in Dubai still remain one of the top.

According to Zawya "Dubai has ranked first among 59 cities in 34 emerging countries with the highest average residential property prices, recording a rate of around USD 7000 per sq. m. as of February 2009, according to the latest 'Market Data' released by REIDIN.com, the world's first and leading global online information services provider. 'Market Data' has been added to 'REBIS', a one-stop shop information portal offered by REIDIN.com, that gives a bigger picture of the real estate industry by covering the micro and macro environment that stimulate the sector dynamics. Through 'Market Data', users can now access up-to-date real estate sales and rental prices related to the residential, office, retail, commercial, industrial and land sectors."