Sometimes coating ideas and thoughts with deep philosophical abstracts serves us no good, it could be a sign that we are escaping reality. The housing problem in the country is a good example.
It is one of the most problems in the Kingdom and citizens keenly monitor even the smallest development in this regard. We have been living with ideas, debates, and abstract discussions for a long time. It is high time we took concrete and realistic measures to resolve the housing issues.
The housing problem in the country is not a result of mindsets. We cannot blame people’s perception and their choices for the problem. It would be unrealistic of us to portray this issue in this manner. Such an approach would never help resolve any issue. We should take the problem head-on. Without assessing all the aspects of this issue, it would be difficult to devise a realistic strategy to overcome the housing problem in the country. It is the duty of the relevant authorities and the masses to stay realistic in their respective approaches. Accusing each other of exacerbating the problem is not the way out of the current situation.
The ongoing housing problem has nothing to do with our dreaming big. It is not that we all want a palatial house with several rooms and a pool etc. Saudis are not that unrealistic. It would be unfair to assume that the Saudis have such an approach toward life. It is true that everybody irrespective of nationality loves to dream big but most of the people know the difference between dream and reality.
The reality dictates that our dreams became much simpler. The size and location of a property became less important as long as it becomes an asset, a decent house where the citizen knows no one will come by the end of the month to knock on the door and ask him to pay the rent or evacuate.
Owning a property is nothing less of a dream these days. Even a small apartment for someone who is starting his life is a challenge he cannot afford to face. Prices are way beyond the capacity of his less than SR10,000 salary.
Now without complicating things and trying to reinvent the wheel, the housing problem in the Kingdom can be summarized in two basic points: First, the monopoly of a few real estate giants on most of the housing resources in the country. The lands and buildings are mostly owned by a few names in the market, they control the supply and in consequence, they control the prices.
Secondly, there is another monopoly in the financing part of the housing cycle. The financing amounts and interest rates are all tailored to suite banks and real estate companies. Taking a decision to use any of these financing solutions means that you will be indebted for the bank or the real estate company for over two decades, paying for a premium interstate rate compared to many mortgage plans anywhere in the world.
Finding a solution to this accumulated housing problem in the country is not easy, we all agree that it would take time and efforts, but it would also need stable strategies and plans.
