SAMA's regulations are expected to include action mechanisms for mortgage financing, consumer rights, and support to beneficiaries, in addition to listing means of refinancing through securities covered by mortgages.  SAMA will also issue licenses to establish insurance companies that will cover real estate finance risk. According to Minister of Finance H.E. Dr. Ibrahim Al-Assaf, the law will be implemented within 90 days of SAMA’s completion of the regulations.

The mortgage market in Saudi Arabia remains underdeveloped compared to other GCC countries.  For example, according to CBRE, only 2 percent of home purchases in the Kingdom have been financed through mortgages, compared with 17 percent in the U.A.E. The new law is expected to reduce risk and increase lending by banks, making loan rates more affordable to a larger population. 

The Kingdom is currently experiencing an annual housing demand of between 150,000 to 200,000 affordable units and will need 1.4 million new homes by 2014.  In March 2011, Custodian of the Two Holy Mosques King Abdullah allocated $6.67 billion (SR25 billion) to build 500,000 homes.