Mortgage costs in Saudi Arabia ‘relatively low’: Alinma Bank’s CEO

Mortgage costs in Saudi Arabia are still “relatively low”, when compared to other countries worldwide, Alinma Bank’s chief executive, Abdulmohsen Al-Fares, told Al-Arabiya on Thursday.

“The mortgage industry is promisingly growing in the Kingdom, and the Saudi banks are playing a major role in home finance,” he said.

Al-Fares added he supports the view that Saudi citizens should own their homes, as ownership of residential units serve as an option for saving.

The housing ministry’s products, offered under partnership with banks and real estate developers, will help boost housing supply and cut costs across the Kingdom.