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KSA needs to build 1.3m homes
- Saudi Arabia: Thursday, June 12 - 2008 at 07:18
Saudi Arabia needs to spend $180bn by 2015 to build homes to address its housing shortage and will soon enact a new mortgage law to help finance them, according to a new report by National Commercial Bank. The report says the kingdom must build 1.3 million new homes over the next seven years to address an 'acute housing shortage'. A new law governing mortgages is expected 'very shortly' and will likely permit longer-term loans than are currently allowed by the kingdom's monetary agency, reported Bloomberg.
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Jeff Florian, Senior ReporterThursday, June 12 - 2008 at 07:18 UAE local time (GMT+4)
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