Saudi Arabia's construction projects to introduce 1.5 million homes through 2015
Around 1.5 million homes are expected to be constructed in the Kingdom of Saudi Arabia (KSA) through 2015 to accommodate a rapidly rising population that is set to exceed 26 million within the next three years. Long-term residential housing demand will remain strong, as almost 40 per cent of the Saudi population is under the age of 14 and personal disposable income is projected to grow at a compound annual growth rate of 6.5 per cent to reach around SAR 659 billion by 2013.
The Kingdom’s property markets have remained highly stable during the global crisis, in contrast to those of other Arab states. As the Middle East’s largest economy, the KSA offers numerous business and investment opportunities for real estate developers and investors as well as a sound financing infrastructure. The Riyadh Exhibition for Real Estate and Architecture Development (RESTATEX) 2010 taking place from May 9 to 12, 2010 at the Riyadh International Exhibition Centre will showcase key residential projects within the thriving Saudi property market. Injaz Development Company, a leading real estate development, investment, marketing, and services firm, will display its comprehensive property portfolio and discuss expansion plans during the event.
“Around 250,000 homes need to be built each year within the next five years to keep pace with demand, so residential property will continue to be a key segment for local industry. During the past four years Injaz has been building up its capabilities in various real estate functions. RESTATEX will be a perfect venue for us to highlight our contributions to the KSA property business and form new national and regional partnerships,” said Omar Al Kadi, President and Managing Director, Injaz Development Company.
Injaz was established in 2006 to develop total solutions for the local and regional property sectors. The company’s services include identification and acquisition of potential real estate investments, internal and third-party project development, property marketing, and sales support such as financing through local banks.
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