Riyadh needs 130,000 houses per year
Majid Al-Hogail said the world's dominant oil exporter is highlighting housing project opportunities to global investors at Cityscape show underway in Britain.
In an interview with the Saudi news broadcaster Al-Arabiya, Hogail said his Ministry is working to develop mortgage facilities to ensure sufficient funds for housing projects.
'There is a high demand for housing in Saudi Arabia, especially in Riyadh.…we estimate that the city needs nearly 130,000 housing units every year,' he said.
Officials have said Saudi Arabia would present new housing projects to investors during Cityscape Global to be held in Riyadh in November.
The Saudi Al-Rajhi Capital financial service company said in a study last month that demand for houses in Saudi Arabia will largely outstrip supply by 2030 due to high population growth and government incentives to citizens.
Demand is projected at around 1.2 million houses but nearly 800,000 units are expected to be delivered in 2030, the study said.
The report showed that housing ownership by Saudis has surged from around 46 per cent in 2016 to nearly 63.7 per cent at the end of 2023, adding that the ratio is expected to swell in the next years.
Early this year, the Real Estate General Authority said it has qualified nearly 1,000 local and foreign developers within a drive to building affordable homes for citizens.
(Writing by Nadim Kawach; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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