Riyadh: New real estate plans suggested
Mr. Abdullah Al-Qadhi, Real Estate Specialist and Project Manager at the CAL Development Company, estimated at $10 billion the annual volume of the Saudi building market. The specialist defended the recent real estate studies, which called to convert the new residential plans around Riyadh city into small cities similar to the integrated neighborhoods in Japan and Hong Kong.
The specialist added that Riyadh is witnessing rapid real estate and housing growth levels, which necessitate contingency real estate plans to cope with the expected expansion over the next five years. He added that more than 60% of the Saudi population is below 20, which obliges the related authorities to find appropriate and modern housing solutions for the Saudi youngsters.