19.04.2013 - S.Arabia: Real estate experts expect the housing bubble to burst soon
The royal order related to land grants and construction loans will lead to a reduction in the Kingdom's current exorbitant rents and property prices, a spokesman for the Ministry of Housing was quoted as saying in local media. Custodian of the Two Holy Mosques King Abdullah has ordered the Ministry of Municipal and Rural Affairs, municipalities and localities, to hand over all developed pieces of land and plots ready for construction to the Ministry of Housing which will, in turn, distribute them to citizens with loans. Real estate experts say the king’s ruling will see a drop in real estate prices. Some expect a huge decline in rents because the land will be available to citizens within a year.............................................Full Article: Source
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