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FINANCIAL NEWS
Saudi real estate sector starts to expand
26 Oct 2011
(MENAFN) Jones Lang LaSalle’s Saudi Arabia’s director, John Harris, said that due to the growing support of the Saudi government and the rise in bank lending, the Saudi real estate sector began to expand and the gap between supply and demand started to contract, reported Arabian Business.
Harris added the Saudi King’s initiative to increase social spending by USD130 billion, allocated USD66.7 billion to construct 500,000 new houses in 2011.
He also said that the gap between supply and demand resulted from the shortage of supply for lower- and mid-income families, however, in order to improve the situation in the Kingdom, the government established a ministry for housing to help construct houses on government sites and offer citizens free land, loans and prototypes for inexpensive housing.
It is worth noting that annual demand for housing in Saudi is estimated to be between 150,000 units and 200,000 units a year, according to Jones Lang LaSalle.
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