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257,000 units needed in Saudi Arabia in 5 years

Saudi Arabia - March 2, 2016
Saudi Houses

Developers in Saudi Arabia mentioned that the domestic property market needs at least 257,000 residential units during the next five years in order to fulfill the growing need for housing in the country.

About 80% of the Saudi families aren’t able to buy their own houses which constitute a severe housing crisis, according to Arab News citing the Shoura Council.

In an attempt to settle the housing problem, the Shoura Council approved a national housing plan to help orphans, widows, and people with special needs find housing facilities.

The decision came as a reaction to a report submitted by the housing committee in the council tackling the housing problem and advocating active participation of the private sector in its solution.

Besides the latest decision, the council members urged the Housing Ministry to evaluate the demand on residence in the Kingdom once every 5 years instead of 10 years.

It’s worth mentioning that the ministry mentioned last week that it is working on providing more housing products in Riyadh to fit the different sections of the society.

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