The Rise of Affordable Housing in the Gulf
According to a 2011 report by Jones Lang LaSalle, the MENA and GCC region was in need of 3.5 million affordable homes. A 2015 update by JLL said that this shortage has in all likelihood increased since then. In Saudi Arabia, JLL estimated the shortage in 2011 to be around 400,000 homes, which has resulted from a rapidly growing population, a limited supply of completed developments and a lack of access to housing finance for middle-income earners, it said. For other Gulf markets, the roots of the problem are in the ground. Governments across the Gulf are being moved to take action.
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