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HCDR says 30,000 new residential units needed in Riyadh annually
- Saudi Arabia: Wednesday, April 24 - 2013 at 04:06
The High Commission for the Development of Riyadh (HCDR) has said the Saudi capital city currently requires 30,000 residential units annually, Arab News has reported. Based on current trends, the HCDR recommended that government loans should encourage the development of housing units on easy terms for low and middle-income people to satisfy future demand. The present area of the developed parts of Riyadh stand at 1,300 sq km, which houses various types of property, including residential, commercial and industrial property. The city is currently home to more than 960,000 residential units of different types, according to the commission. "About 5.7 million people live in Riyadh. The annual population growth rate stands at 4%, and the number of Riyadh inhabitants will reach 8.3 million by 2028," the HCDR said. The area available for urban development until 2028 is estimated to be around 3,115 sq km, it said.
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