|A total of 1.3 million people have applied for loan|
to the Real Estate Development Fund.
“Investors are concerned now. They feel that consumers might turn to government projects because of their quality and easy terms of ownership," he added.
Abdullah Alrobayan, a Saudi columnist, said the Ministry of Housing has no more excuses. “In the past, the ministry used to say that the Ministry of Municipal and Rural Affairs was very slow in handing over land to create housing projects. Now the king has given the Ministry of Housing all the government land and money it needs."
Al-Zumai said the royal order ensures one ministry is responsible for housing and that citizens are given various options including land, construction loans or housing units.
The government has already set aside a whopping SR 250 billion to build 500,000 houses across Saudi Arabia. The Housing Ministry will be given a free hand in all matters related to real estate, which will likely create a boom in the construction industry and other ancillary sub-sectors.