FINANCIAL NEWS

Saudi real estate sector to grow 7% annually

12 Dec 2011

(MENAFN) The Council of Saudi Chambers’ secretary general, Fahad Al-Sultan, said that until 2014, Saudi real estate sector would be forecasted to grow 7 percent annually, reported Arab News.

Al-Sultan added that investments in the sector in the coming three years would be expected to cross USD21.8 billion, whereas investments in constructing new properties would be expected to reach USD129 billion by 2020.

He also said that there was a big possibility to set up a special authority to supervise the real estate sector in the country, adding that the authority would define the rules and responsibilities governing the sector’s activities which would also have a more positive effect on the real estate market, in addition to reducing the gap between supply and demand.

It is worth noting that affordable housing is still one of the most pressing issues in Saudi. According to Deep Marwaha, general manager of Informa Saudi Arabia, a total of 579,193 Saudis applied for housing loans from the Real Estate Development Fund (REDF).

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