Fresh forecasts expect acute housing problems by 2010 as the Saudi population by then is expected to be 35 million. In a bid to address the housing shortage, the Saudi Ministry of Economy and Planning has recently announced that the kingdom should construct at least one million residential units by 2009, Arab News reported.
According to Aman Jamal, executive director of the real estate development firm Mullak Al-Arabiyah, the housing problem could become a problem in the future as big as the issue of unemployment among Saudis is today. “All indications show that future growth is in real estate mortgage industry,” he was quoted as saying.
