07.05.2013 - Saudi houing market: Pros vs. cons
According to the statistics that have been conducted in 2013 Saudi Arabia is a country of approximately 18 million citizens with a land area of about 1.96 million square kilometers (756,981 square miles). It has the second largest oil reserves, and the world’s biggest crude exporter, and also expects to become the top producer of refined products such as fuel and petrochemicals, so what’s the problem? Why can’t almost 60 percent of the Saudi citizens own their own houses given the fact that Saudi Arabia is a big country in the Arabian Gulf? The land prices in Saudi Arabia’s main cities have jumped 50 percent in the last few years due to the absence of property tax, which have made the land owners keep their lands as a long term investment, whom the government nor the market can force them, owners of what are known as ‘white lands’ to lower their prices...............................................Full Article: Source