Housing Finance Policy

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A. Legal and Regulatory Framework

A.1 Legal and Regulatory Framework
VariableEnd of 2015End of 2014End of 2013SourcesVar ID
Basis of the legal system: Civil, Common, Islamic, Other? (Describe)Islamic (sharia) legal system with some elements of Egyptian, French, and customary law; note - several secular codes have been introduced; commercial disputes handled by special committeesIslamic (sharia) legal system with some elements of Egyptian, French, and customary law; note - several secular codes have been introduced; commercial disputes handled by special committees A.1.1
Are there specific laws that deal with mortgages? YesYes A.1.2
Registration/Transfer of titles:A.1.3
Does the law clearly define different types of property rights?YesYesYesA.1.3.1
Typical number of days needed for the transfer of title688
WDI
A.1.3.4
Is there specialized legislation covering:A.1.9
B. Housing Finance Subsidies
B.1 Subsidies to Housing Finance Institutions
B.2 Subsidies to Households
VariableEnd of 2015End of 2014End of 2013SourcesVar ID
Are there subsidies to households on housing finance?YesYes B.2.1
Interest rate subsidies by special government fundsYesYes B.2.1.1
Buy-down of monthly/interest paymentsYesYes B.2.1.2
Reach of subsidies in 2.1.1 to 2.1.4 ?B.2.2
C. Taxation
VariableEnd of 2015End of 2014End of 2013SourcesVar ID
What taxes apply to Residential Real Estate?C.1
Tax on property (home-owners) No  C.1.1
Tax on capital gains on property No  C.1.5
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Notes: "From Nov. 2014 all banks and finance companeis providing real estate or other financing services have needed to be licensed by SAMA"
Notes: "From Nov. 2014 all banks and finance companeis providing real estate or other financing services have needed to be licensed by SAMA"
Notes: "Ministry of Housing is continuing to develop… Includes provision of interest-free loans (up to SR 500,000) and the payment of interest on behalf of the borrower for mortgage loans taken out from banks"
Notes: "Ministry of Housing is continuing to develop… Includes provision of interest-free loans (up to SR 500,000) and the payment of interest on behalf of the borrower for mortgage loans taken out from banks"
Notes: "Ministry of Housing is continuing to develop… Includes provision of interest-free loans (up to SR 500,000) and the payment of interest on behalf of the borrower for mortgage loans taken out from banks"
Notes: "Ministry of Housing is continuing to develop… Includes provision of interest-free loans (up to SR 500,000) and the payment of interest on behalf of the borrower for mortgage loans taken out from banks"
Notes: Addition of residential real estate loans by commercial banks and mortgages extended by the Real Estate Development Fund
Notes: Addition of residential real estate loans by commercial banks and mortgages extended by the Real Estate Development Fund
Notes: Addition of residential real estate loans by commercial banks and mortgages extended by the Real Estate Development Fund
Notes: Base year
Notes: Capital gains tax exists for corporations but not for personal sales of property
Notes: National Percentage
Notes: National Percentage
Notes: Real Estate Development Fund does not take deposits but is a governmental fund that issues mortgage loans interest free
Notes: Real Estate Development Fund does not take deposits but is a governmental fund that issues mortgage loans interest free
Notes: Real Estate Development Fund does not take deposits but is a governmental fund that issues mortgage loans interest free
Notes: Real Estate Development Fund does not take deposits but is a governmental fund that issues mortgage loans interest free
Notes: Real Estate Development Fund does not take deposits but is a governmental fund that issues mortgage loans interest free
Notes: Real Estate Development Fund does not take deposits but is a governmental fund that issues mortgage loans interest free
Notes: Real Estate Development Fund does not take deposits but is a governmental fund that issues mortgage loans interest free
Notes: Real Estate Development Fund does not take deposits but is a governmental fund that issues mortgage loans interest free
Notes: Real Estate Development Fund does not take deposits but is a governmental fund that issues mortgage loans interest free
Notes: Real Estate Development Fund does not take deposits but is a governmental fund that issues mortgage loans interest free
Notes: Real Estate Development Fund still the major source of financing for those wishing to obtain a mortgage. REDF is not a depository institution but rather lends government funds
Notes: Real Estate Development Fund still the major source of financing for those wishing to obtain a mortgage. REDF is not a depository institution but rather lends government funds
Notes: Real Estate Development Fund still the major source of financing for those wishing to obtain a mortgage. REDF is not a depository institution but rather lends government funds
Notes: Table 37-1 Calculated as total units less units made of mud, stone, and other material
Notes: Table 38-1 Includes "other" tenure and housing provided by employers