The ministry is keen to provide suitable accommodation for all sectors of society, local Arabic daily Al-Madinah reported Friday, quoting an official study.
The Kingdom has 159 cooperatives, of which only one is for housing.
The study said it was significant to set up cooperatives to import building materials.
“Obtaining building materials at a reasonable price is a big problem facing individuals when they want to build houses for their families. For this reason, the establishment of a housing cooperative for building materials is an important means of financing housing units,” the study said.
The study underlined the importance of creating a cooperative housing bank to provide financing and said this bank would only deal with housing cooperatives.
It was also reported that international experts were currently working on a national housing strategy aimed at identifying houses at reasonable prices for all sectors of society, which is expected to reduce land and real estate prices by about a half.
