Saudi needs 143,000 homes annually: Shoura member

Jeddah Economic Forum hears call for housing from influential figure

Saudi is already in the process of building 500,000 homes ordered by King Abdullah
Saudi is already in the process of building 500,000 homes ordered by King Abdullah

Saudi Arabia needs to build 143,000 homes annually to meet housing demand, according to Tarek Ali Fadaak, a member of the influential Shoura Council.

Arab News heard Fadaak speaking at the Jeddah Economic Forum where he praised the work already done to tackle the issue, saying that the 500,000-unit free housing project ordered by King Abdullah represented “constructive steps” on the road to a solution.

He also commended Saudi’s adoption of a housing strategy that seeks to facilitate every citizen owning a house, in addition to the launch of the mortgage law and the Real Estate Development Fund facility that provides loans up to $133,000 (SAR 500,000) to an individual wanting to buy a house.

However, Fadaak pointed out that the housing sector needed long-term financing while the real estate sector’s needs are short-term, also stressing the need to have a clear understanding of all aspects of the problem in order to find suitable solutions for it.

“For instance, the limited income group is not clearly defined,” Fadaak said.

The three-day Jeddah Economic Forum event, which ended on March 18, focused on “housing the growing population” and heard contributions from a variety of political figures from across the world involved in housing policy.
 

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