Saudi real estate construction now worth US $586bn
'Affordable' housing to be next boom market
The value of ongoing and planned projects in the Kingdom of Saudi Arabia is estimated at US $586bn, according to a report.
Experts from naseba, a business information company hosting the Real Estate Investment World Summit (REIS) in Riyadh this week said that affordable housing would be a key battleground in future.
“Despite the global financial crisis, the Saudi real estate market still provides a fertile ground for investment. There is an increasing demand for housing in KSA with investments having returns of no less than thirty percent. As a result, all eyes are now on the biggest economy in the Middle East, monitoring the steps that will be taken in order to overcome the crisis,” said naseba group managing director Fabien Faure.
The company said that demographics in KSA would create a growth in opportunities for developing ‘affordable’ housing.
REIS is being held in Riyadh on November 9-10.