Saudi Arabia's long-awaited mortgage law will give lenders more rights, including the ability to foreclose on properties in default, according to Reuters.

The arrival of the mortgage law is expected to drive Saudi housing demand and prices as more people access the market.

The sharia-compliant legislation, which has not been finalised yet, allows lenders to enforce their mortgages by reporting debtors to a central authority and forcing them to either repay their debt or vacate a property.