Saudis, citizens of one of the world’s wealthiest nations, are struggling to afford housing in a crisis spurred by urbanisation and a lack of competition in real estate. Less than 40 percent of Saudis are homeowners, and demand continues to outstrip supply in the property market, driving up prices and leaving low- and middle-income families with few options to buy or even rent.
A recent study by the construction and real estate conglomerate Binladin Group said the oil-rich Gulf kingdom needs one million new housing units over the next five years……………………………………….Full Article: Source