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Saudi house buyers struggle to find affordable homes

Global commercial real estate services firm, Colliers International has said that nearly 28% of the homes supplied in the Saudi capital Riyadh over the past 18 months are vacant as homebuyers find them unaffordable, Reuters has reported. "Developers continue to show bias towards developing mid to high-income housing units. This has created a large pool of untapped demand for low-cost housing," Colliers said. "The real challenge lies in translating potential demand into accommodated demand ... supply delivery and absorption are restrained due to current affordability conditions," the report said.