Saudi Arabia needs 1.65m new homes by 2015
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Saudi Arabia needs 1.65m new homes by 2015

Saudi Arabia needs 1.65m new homes by 2015

According to a report by Banque Saudi Fransi, Saudi Arabia needs to build around 275,000 units a year through 2015 for a total of 1.65 million homes over six years to meet growing demand in the country, Reuters has reported. "Considering the housing supply-demand gap and the impending boom in youth demand for homes, we are bullish on the housing sector and confident the mortgage law will widen the scope of home ownership in the long term," the lender said. This figure would "cater to demands of a population that has doubled in size since 1988 and grows more than 2% annually", the report said.

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    AMEinfo staff members report business news and views from across the Middle East and North Africa region, and analyse global events impacting the region today.

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