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Volume :38 Issue : 145 2012      Add To Cart                                                                    Download

Affordable Housing's Finance in the Kingdom of Saudi Arabia: Potential Constraints and Solutions

Auther : Dr. Bhzad Sidawi

     The demand for affordable housing around the world including Kingdom of Saudi Arabia has increased in the past decades due to rise in income levels, increase in expectation, requirement for a better standard of living, and population growth. In KSA, Islamic banks, joint-stock companies, charities and government organizations such as Real Estate Development Fund REDF are struggling to meet the increasing demand for housing and in financing prospected home buyers. The present financing system seems to be constrained by a number of legal, financial, socio-economic constraints. Thus it seems incapable to meet the present and future financial demand by the growing low-income population. This paper discusses the potential constraints to the affordable housing' finance in KSA. It investigates what banks and other financial organizations are doing to overcome it and whether their plans to tackle the funding problem and ease the constraints are efficient. The study recommends that banks and other financial organizations should join efforts to overcome the problem of finance and to create legislations, mechanisms and tools that are capable to ease these potential constraints and provide sufficient and consistent funding to the low-income clients.

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