Saudi property market set for 'major surge'

Tuesday, August 09, 2011

Saudi property market set for 'major surge'

Industry experts believe that the property market in Saudi Arabia is set for a major surge.

$36 billion of foreign investment, coupled with $500 billion worth of real estate projects currently underway have meant a year on year growth in the kingdom's property sector, something which looks set to continue between 2011 and 2015.

The country has one of the fastest growing populations in the world, and with 27 million inhabitants is the most populated country in the Gulf. Its property boom is being driven by the increasingly young populace. Around 45% of its citizens are between 20 and 25 years old and the number of young people hoping to get onto the property ladder greatly outstrips the number of homes available.

As a result, the Saudi government have committed to making property purchasing and development easier. A mortage law which would make borrowing easier is currently being mooted and foreign investors have been encouraged to pump money into the area to increase funds available for housing projects.

"The Saudi housing market offers enormous potential for growth as it unlocks its potential" says Fahed Bin Mohammad Al Moutawe, CEO of Ewaan Global Residential Company, a leading real estate development company in Saudi Arabia.

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