The growing Saudi real estate financing sector is expected to hit USD 133 bn by 2020 from the current USD 77 bn, according to a report citing top experts at a recent real estate workshop in Riyadh.

The workshop, organized by Bidaya Home Finance, discussed the development of the non-banking real estate financing sector, its challenges and ways to increase its efficiency by raising its current share from eight to a minimum of 30% by 2020, the Saudi Gazette reported.

The attending delegates were informed that Saudi Real Estate Refinance Company (SRC), which is owned by the Saudi Public Investment Fund, was offering funding at a fixed cost to help stabilize the sector, in addition to, offering fixed monthly installments for beneficiaries.

During the workshop, SRC presented its future plans to refinance 10 and 20 percent of the current real estate loans by 2020 and 2026, respectively, and to achieve growth and stability in the sector, it added.

The workshop was in line with the Saudi Vision 2030 that targets raising the percentage of homeowners and enabling citizens to own their first homes.