Saudi Real Estate Refinance Company (SRC) has expected a temporary slowdown in the mortgage market over the next few months due to the new coronavirus, Reuters reports.

SRC, a wholly-owned subsidiary of Saudi Arabia’s Public Investment Fund (PIF), works with developers and local banks to counter a shortage of affordable housing by pumping liquidity into the real estate market.

“The curfews implemented in different cities across the kingdom mean that visiting properties is challenging to say the least, so you can expect some slowdown in the market,” SRC CEO Fabrice Susini, said.

In mid-April, Saudi Arabia has seen at least four shopping malls granting a rent reprieve to retailers and other tenants due to coronavirus, Zawya reports.

Swicorp, the fund manager of Swicorp Wabel Real Estate Investment Traded Fund (REIT), said on April 14 it has decided to exempt merchants at its four commercial venues from paying rent for the period from March 17 to April 30, or until the establishments are allowed to reopen.