May 01 2011 |
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Housing demand to grow by up to 35% this year, says study
JEDDAH: Demand for housing units in the Kingdom is expected to increase this year by between 25 and 35 percent compared to previous years, according to a new study.While the demand for medium-sized apartments will grow at great speed, the demand for small apartments and large housing plots will fall, according to the report prepared by the Research and Development Department of the KSB Capital Group and published by Al-Eqtisadiah daily on Saturday.
The report attributed the new market trend to a recent decree issued by Custodian of the Two Holy Mosques King Abdullah aimed at easing the housing problem. According to the decree, the limit for housing loans from the General Housing Authority and the Real Estate Development Fund ( REDF ) was raised from SR300,000 to SR500,000. The decree also called for a scheme to launch housing projects.
Consumers are also looking for plots of 250 sq. meters so that they may build houses within the limits of the loans they can get, it said.
Another factor that would take off the pressure from the housing market is the Ministry of Housing's plan to construct 500,000 apartments over the next five years in line with the royal decree allocating SR250 billion to build new houses.
© Arab News 2011
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