Saudi Arabia: 43,000 residential units needed
According to Al-Yaum newspaper (July 13, 2005), Saudi real estate investors estimate the real estate investments volume at $226 billion by the end of the current year in spite of the local cement crisis, which postponed and interrupted some of the large real estate projects.
The specialists added that most of the real estate projects aim to satisfy the growing demand for housing. Sources reported that Saudi Arabia will need 43,000 residential units, valued SR 13 billion, in the upcoming period based on the local population rapid growth rate. Specialists attribute the real estate investment boost to increasing oil prices and improving local economic conditions.