12.10.2011 - Saudis struggle to find affordable housing
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
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