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FINANCIAL NEWS
Saudi housing demand growing 3.3% annually
05 Apr 2010
(MENAFN) A study conducted by Jiwar Real Estate Management & Marketing found that Saudi Arabia will need nearly 1 million new homes over the next five years to keep up with an estimated 3.3 percent compound annual growth rate (CAGR) in demand, Arab News reported,
According to the study, housing demand has risen steadily over the recent years due mainly to a young and rapidly growing population constantly seeking affordable homes. The other 30 percent is distributed among offices, retail outlets, hospitality and industrial sectors.
The study also revealed that the short- to medium-term domestic residential outlook is very positive as demand is expected to surpass supply by 50,000 units annually over the next four to five years.
The cities of Riyadh, Jeddah, Mecca, Madina, Damma and Al Khobar are the top residential markets in Saudi Arabia. The property business in these areas is dominated by rented units, which account for an average of 83 percent of housing.
It is worth mentioning that Jiwar is a leading real estate company in the Gulf region and the marketing arm of the Saudi Bin Laden Group. This pace translates to around 5.5 million required units by 2014.
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