Bloomberg reported that Saudi Arabia will build 8,143 housing units as the government tries to meet rising demand for accommodation in the kingdom.
Mr Shwaish Aldhwaihi director of the General Housing Authority said that the housing will be built in 16 cities and in governorates around the country.
Dar Al Arkan Real Estate Development Company, Saudi Arabia’s biggest property company by market value and other developers are building residential developments as the kingdom’s population expands. Dar Al Arkan said that in October it will build USD 2 billion project in Jeddah including residential units, public parks and schools.
Global Investment House KSCC said that the Saudi real estate market is expected to grow between 5% and 7% per year until 2012.It said that Saudi Arabia’s native population has tripled to 23 million from 7.3 million in 1975.