Saudi needs 150,000 housing units a year: LaSalle
Saudi Arabia needs 150,000 housing units annually as demand for residential property is soaring, while a long-awaited mortgage law will not solve the top oil exporter's housing problem.
Saudi Arabia, the biggest Arab economy, is facing a massive housing problem due to rapid population growth and an inflow of expatriate workers coming to the kingdom rolling out a $400 billion infrastructure spending plan.
In addition, the country has only a small secondary real estate market, and land prices are higher than in other Gulf Arab states.
Rentals prices for residential housing units would keep rising by some 10 percent annually like in previous years. Saudi Arabia has been working for years on a mortgage law but Harris said the bill, if finally approved, would not solve the problem as there was not sufficient land available for sale and few experienced real estate developers operating.
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