Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to the newest version of your browser.

Your browser appears to have cookies disabled. For the best experience of Construction News, please enable cookies in your browser.

Welcome to the Construction News site. As we have relaunched, you will have to sign in once now and agree for us to use cookies, so you won't need to log in each time you visit our site.
Learn more

Saudi Arabia housing shortage set to increase

Saudi Arabia's housing shortage is expected to double by 2012 to 1 million units, according to a new report by international real estate advisory firm Jones Lange LaSalle.

A growing economy and a young population is driving demand for more real estate, says the report. About 45 per cent of Saudis are under the age of 20.

The report, called the Gulf's Powerhouse - Saudi Arabia's Real Estate Market, adds that the stock of commercial space is expected to increase by more than 60 per cent by 2012.

Demand for hotels is also expected to benefit from growth in religious tourism over the next few years.

The report was published on 25 November.

Source: MEED