Only 38 percent of Saudis own houses
Official statistics reveal that only about 38 percent of Saudis own houses, including the communal ones. Banking sources stated this rate as low compared to the other developed countries, where 65 to 75 percent of the population own houses.
Therefor, commercial banks will increase their real estate financing this year. Khaled Al-Othman, chairman of the corporate banking services in Al-Jazira Bank, noted that the demand for houses would annually increase as very few Saudis own private homes.
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