Oct 01 2011 |
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IMF warns Saudis against housingshortage, proposes solutions
By By Omar Elmershedi JEDDAH - A recent report by the International Monetary Fund (IMF), which was based on Saudi official estimates of the 9th Development Plan (2010-14), set off alarm bells about shortages in the Saudi housing sector.The IMF country report No. 11/292 issued this September stopped short of dwelling on the destabilizing long-term effects of the current housing shortage.
It stressed the lack of available affordable housing due to demographic factors and bottlenecks in the real estate market, growing population with smaller average size of households and continued urbanization - factors that have sharply increased demand for housing in recent years.
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