Saudi real estate expenditure up 13%
07 Sep 2011
(MENAFN) According to Saudi Injaz Development Company, the Kingdom is expected to witness a thirteen percent increase in government real estate expenditure, reported The Gulf Today.
Injaz supports its argument with the fact that it got a huge number of expressions of interest in its Al Marina project that would be developed in Dammam with an area of 3.3 million square meters. Such interest shows that the Kingdom will see a strong wave of real estate spending.
Injaz added that the spending would be highly driven by the increasing population and the country’s surging demand for residential and commercial properties.
It is worth noting that real estate expenditures in Saudi Arabia hit USD29 billion as large-scale real estate projects were central to the government’s strategic development plans.