The population explosion in Saudi Arabia that’s taken place over the past 30 years is about to come to roost. Or maybe not: the branches are already full of earlier nestlings.
Arab News reports that a housing crisis is in the offing for young Saudis. As they reach the age where they’re ready to leave the nest and set up their own families, they’re finding that there’s not enough housing to go around. Many Saudis complain about the artificial shortage of housing that’s the result of strange land ownership patterns. Without available land (or reasonably priced land), there’s no way to build affordably-priced housing. It’s another problem the government will need to help solve.
Housing crisis seen in 2018
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Saudi Arabia might have a housing crisis by 2018 if the current gap between demand and supply continues, say economists. They blamed the lack of clear strategy and legislation for the problems facing the real estate market.
The continuous shortage of houses is due to the fact that 60 percent of Saudi population is under 25 — age to get married.
Nidhal Jamjoom, CEO of Kinan Co., said that an increase in population and rising immigration to bigger cities in Saudi Arabia increased the demand for apartments and villas.