Only 30% citizens own houses in KSA

Only 30% citizens own houses in KSA
Updated 23 December 2015

Only 30% citizens own houses in KSA

Only 30% citizens own houses in KSA

RIYADH: Only about 30 percent of Saudi citizens own houses compared to the global average of 70 percent, according to a local media report quoting statistics compiled by an investment bank.

The remaining part of the population, or nearly 70 percent, depend on rented houses or housing units provided by their companies, the report from Alpen Capital stated.
Meanwhile, real estate sources say the Kingdom is expected to see huge construction of housing units over the next five years, which would surpass those built over the past 50 years.
However, the success of this endeavor would depend on cooperation between all the parties including developers, funding agencies, and end users, under the direct supervision of the Saudi government, the publication reported.
Demand for housing has risen steadily over the past few years because of the growth in the population. Saudi Arabia’s population has quadrupled over the past four decades to nearly 30.7 million in 2014. The population is expected to total 35.7 million by 2020, at a compound annual growth rate of 2 percent since 2014. According to the report, a considerable proportion of the Saudi population fall into the middle income segment, which is the main target of residential housing providers.