During the past decade, Saudi Arabia has witnessed rapid economic development, attributable to elevated oil production and prices, vigorous private sector activity and strong government spending on infrastructure, health, and education. High population growth coupled with rise in per capita income has fuelled the demand for residential units in the Kingdom, especially in Riyadh and Jeddah. Government's focus has shifted towards the housing shortage in the country, as a result of the increasing growth to the population. Due to this, strong supply is expected from projects undertaken by the local government agencies. The Ministry of Housing is developing 15,000 units (handover in 2017) and 15,500 more units being planned.
The report provides details about the segments of KSA residential real estate property, and analyses the transaction trends, growth drivers, the challenges faced by developers and buyers. It also underlies the need for more affordable homes in the country in future, and discusses the various factors affecting the demand and supply in affordable and premium segments. Jabal Omar, Emaar, Dar Al Arkan and Makkah Construction and Development are analysed, as part of our discussion on major players in KSA.
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