Realizing the dream of owning a home

Opoku, Robert A.; Abdul‐Muhmin, Alhassan G.

doi:10.1108/ijhma-08-2012-0037

Cited by 5 publications

(1 citation statement)

References 48 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…The aim is to offer Saudi citizens housing finance to purchase homes (Bahammam, 2018;Alqahtany, 2019). However, Opoku and Abdul-Muhmin (2013) found that the housing finance (loans) from REDF desired financing option, followed by cash payment. They commonly showed a preference for monthly mortgage payments is between SR1,000 and SR1,500 (US$267 and US$400) amongst low-income Saudis.…”

Section: Affordable Housingmentioning

confidence: 99%

An appraisal of the early impact of COVID-19 on affordable housing finance in Saudi Arabia's Vision 2030

Alharbi

2022

IJBPA

View full text Add to dashboard Cite

PurposeAffordable housing provision is one of the visions of the Kingdom of Saudi Arabia (KSA), as highlighted in Vision 2030. For about 21 months now, the coronavirus disease 2019 (COVID-19) pandemic has ravaged the world and has increased the level of economic crisis and financial uncertainty to achieve planned projects. Studies investigating the reality of how the COVID-19 pandemic may streamline the chances of achieving affordable housing for all in 2030 are scarce. Thus, this study examined the relevance of affordable housing, the perceived impact of COVID-19 on affordable housing and proffered measures to promote affordable housing finance in Vision 2030.Design/methodology/approachMedina, Riyadh and Al Qassim were the participants' cities engaged via panel interviews and supported by existing relevant Vision 2030 documents. The Delphi method was adopted to explore the government officials, financial operators (bankers), academicians and employees' opinions, and the analysed data presented in themes.FindingsFindings show that SA Vision 2030 blueprint expresses an exemplary country in all ramifications, including affordable housing finance for the citizens. Findings reveal that the COVID-19 pandemic threatens SA affordable housing finance Vision 2030. The increased housing shortage, high construction housing cost, increased foreclosures, increased eviction, possible homelessness, financial instability and vulnerability emerged as the perceived impact of COVID-19 on affordable housing finance in Vision 2030. Refinancing housing loans to boost Vision 2030, forbearance to promote Vision 2030, improve payment relief, among others, emerged as measures to promote affordable housing in the post-COVID-19 era.Research limitations/implicationsThe research only identified the possible negative impacts of the COVID-19 pandemic on affordable housing finance in Vision 2030 and proffered policy solutions from the engaged participants' perspective. Also, the study covered three cities (Medina, Riyadh and Al Qassim). The suggestions that will emerge from this research may be adopted to address other sectors captured in Vision 2030 that are critical and hit by the ravaging pandemic.Practical implicationsMeasures such as refinancing mortgages and strengthening government housing agencies will promote affordable housing for Vision 2030 if the relevant policymakers and mortgage institutions are well implemented.Originality/valueThis research identified the perceived early threats from the COVID-19 pandemic that could affect affordable housing transformation in Vision 2030 from the participants' perspective. Studies regarding COVID-19 and affordable housing in Vision 2030 are very few.

show abstract

Section: Affordable Housingmentioning

confidence: 99%

An appraisal of the early impact of COVID-19 on affordable housing finance in Saudi Arabia's Vision 2030

Alharbi

2022

IJBPA

View full text Add to dashboard Cite

show abstract

Housing finance inaccessibility for Saudi Arabia’s low-income employees: are housing-related sustainable development goals 2030 under threat?

Alharbi

2024

IJHMA

View full text Add to dashboard Cite

Purpose In developing countries, including achieving Kingdom of Saudi Arabia’s (KSA) Vision 2030, housing loans for low-income employees are challenging and may thwart housing-related sustainable development goals (SDGs). Studies investigating housing finance inaccessibility for KSA Vision 2030 low-income earners and its impact on achieving housing-related SDGs are scarce. Hence, this study aims to investigate KSA housing financial inaccessibility and its effect on housing-related SDGs. Also, it offered suggestions for achieving housing provision in Vision 2030 and, by extension, improving housing-related SDGs. Design/methodology/approach The study adopted a virtual interview approach and covered Alqassim, Riyadh and Medina. The researcher engaged 24 participants who were knowledgeable about KSA’s housing finance and SDGs. They include selected low-income earners, academicians, financial operators and government ministries/departments/agencies. The study manually analysed the collated data through a thematic approach and presented the main themes. Findings Findings reveal that KSA’s low-income earners’ housing finance inaccessibility threatens Vision 2030 and housing-related SDGs. Inadequate funding of the Real Estate Development Fund, inability to make down payment, absence of collateral, insufficient household income and failure to recover the loan and associated charges from the auction were perceived major issues contributing to low-income earners’ house-loan rejection and recommended measures to improve achieving housing-related SDGs. Originality/value The study investigated the factors contributing to low-income earners’ housing loan rejection and its impact on achieving KSA’s Vision 2030 and housing-related SDGs from the participants’ perspective. The findings reveal that low-income earners’ housing finance accessibility has been compounded by the slow recovery from the post-COVID-19 pandemic.

show abstract

Determinants of intention of using mortgage in financing home ownership in Bauchi, Nigeria

Usman

Lizam

2016

IJHMA

View full text Add to dashboard Cite

Purpose This paper aims to evaluate the bane of home ownership in Nigeria through mortgage financing by examining the determinants of intention of using mortgage in financing home ownership. Design/methodology/approach The paper adopted a survey quantitative research design. A total of 235 valid questionnaires randomly distributed were retrieved from 300 potential homeowners who were the sample of the research. Partial least squares-structural equation modeling was used for data analysis and hypotheses testing. Findings The findings revealed that religious perception on mortgage was the most significant determinant of intention of using mortgage in financing home-ownership. Subjective norms and perceived behavioral control also have significant effect on intention of using mortgage financing. However, attitude and familiarity/knowledge of mortgage were found not to have a significant effect on intention of using mortgage financing. The determinants cumulatively determined 77.6 per cent (R2 = 0.776) of the variance in intention of using mortgage in financing home ownership. Practical implications The research contributed to knowledge and has practical implications to policy makers, mortgage institutions, investors and the society. Originality/value The paper uniquely explores the bane of home-ownership through mortgage financing by examining potential home-owners’ intention of using mortgage financing. To authors’ knowledge, this is the first paper to evaluate intention of using mortgage financing, at least in Nigeria.

show abstract

Realizing the dream of owning a home

Cited by 5 publications

References 48 publications

An appraisal of the early impact of COVID-19 on affordable housing finance in Saudi Arabia's Vision 2030

An appraisal of the early impact of COVID-19 on affordable housing finance in Saudi Arabia's Vision 2030

Housing finance inaccessibility for Saudi Arabia’s low-income employees: are housing-related sustainable development goals 2030 under threat?

Determinants of intention of using mortgage in financing home ownership in Bauchi, Nigeria

Contact Info

Product

Resources

About