Kuwait Financial Centre (Markaz) recently published the executive summary of its report on GCC residential real estate. The report examines the current and potential, demand and supply dynamics of the GCC residential real estate market. The report also sheds the light on the key challenges, constraints and pricing trends of the GCC residential real estate […]
The Ministry of Housing signed contracts worth SR4 billion on Sunday to develop eight residential districts in different parts of the Kingdom to build around 40,000 homes. Housing Minister Shuwaish Al-Duwaihi said 26 million square meters of plots would be developed in Jeddah (1/2), Madinah, Dammam (North and South), Al-Ahsa, Qatif, Tabuk and Al-Kharj under […]
In opening remarks at the first session of the Jeddah Economic Forum (JEF), Abdullah Sadiq Dahlan, member of the JEF’s organizing committee and chairman of the board of trustees at the University of Business and Technology, warned of an imminent threat of a housing crisis exploding in the Kingdom over the coming years in the […]
Maaden has concluded a contract with Azmeel Contracting & Construction Company for the engineering, procurement and construction of a new housing project for Maaden employees. The SR 1 billion contract is for the first phase of the Mutrafiah Housing Project at Jubail Industrial City, which includes the construction of 800 villas, the first of which […]
Young people looking for reasonably priced flats in Jeddah are seeing their dreams dashed as rents continue to soar, with two- and three-bedroom apartments now fetching SR 30,000 and up. There is an acute housing shortage in Jeddah. Real estate agents say that available housing units in the city do not exceed five percent of […]
Top private sector developers yesterday at Cityscape Jeddah called on the government to work with them to streamline several processes that cause delays, making it nearly impossible to develop affordable housing projects to solve the housing crisis. “Among the limits and challenges facing Saudi developers, is for example the regulations concerning the Municipality’s issuance of […]
Saudi Arabia might have a housing crisis by 2018 if the current gap between demand and supply continues, say economists. They blamed the lack of clear strategy and legislation for the problems facing the real estate market. The continuous shortage of houses is due to the fact that 60 percent of Saudi population is under […]
The Ministry of Housing plans to implement a program that will result in the construction of 200,000 housing units. The ministry said that 17,600 units are currently being implemented. There is adequate land for the program. He said the ministry has brought a foreign expert who will determine the mechanism to help distribute the housing […]
MENA regional governments need to engage the private sector to help address the growing crisis of affordable housing, said Ernst & Young ‘s report “The growing crisis of affordable housing in MENA”. Despite many MENA nations’ commendable efforts so far, the supply of affordable housing is falling far short of demand, and demand is rising. The report, […]
More than 12,400 housing units will be constructed in different parts of the Kingdom shortly as the Real Estate Development Fund has sanctioned new loans worth SR5 billion. Muhammad Al-Abdani, director general of the fund said the total value of loans approved for building 12,472 homes in different cities and towns would reach SR5.19 billion. […]