17.12.2012 - Saudi real estate market growing
Saudi Arabia's real estate market estimated at more than SAR 1 trillion is growing at the rate of six per cent annually. It contributes 9.5 per cent to the nonoil GDP. "So real estate is the Kingdom's second largest economic sector after oil," said Khaled Al-Hamoudi, president of Qassim University. Economic consultant Abdullah Al-Ajaji said the construction of 500,000 housing units ordered by Custodian of the Two Holy Mosques King Abdullah at a cost of SAR 250 billion would help reduce real estate prices and rents.............................................Full Article: Source
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