Saudi’s real estate market to hit sustained growth

03 Feb 2015

(MENAFN) The Kingdom’s real estate market is set to witness a sustained growth with the Ministry of Commerce and Industry making a significant announcement that the number of licensed real estate units ready for sale by the end of 2014 is more than 17,000, which is roughly valued at USD5.31 billion, Arab News reported.

According to available statistics from the ministry’s program of real estate units’ sales program, the total number of licensed real estate units for sale in all regions of the Kingdom reached 17,258.

“Out of the total number, there are 14,834 housing units, 354 office units, eight commercial units and 2,070 land development units and the total value of these units spread across the Kingdom exceeds USD5.13 billion,” a statement by the ministry said.

The announcement stressed that the information provided by the developers or buyers are dealt confidentially and safely and will not be disclosed except in contributing to the protection of all parties’ rights.

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