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FINANCIAL NEWS
Saudi Arabia starts initial work for 500,000 housing plan
05 Sep 2012
(MENAFN) A new report released by CB Richard Ellis Bahrain (CBRE Bahrain) said that Saudi Arabia has started breaking ground for the first batch of a massive low-income housing plan announced early this year, Saudi Gazette reported.
Saudi Arabia plans to spend USD67 billion on building half a million housing units to meet the lower-income population needs.
A total of 32 square kilometers of housing units in the Kingdom is currently being masterplanned, according to a research note released by CBRE Bahrain.
Government policy through 2012 remains focused on infrastructure and social programs, the report added.
The Kingdom needs to solve a chronic housing shortage for a population that’s quadrupled in size in four decades to 28.4 million in 2011.
The government needs to build 1.25 million new homes by 2014, according to its development plan.
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