Saudi ‘to build 1.5m homes through 2015’
Riyadh, April 10, 2010
Saudi Arabia will build around 1.5 million homes through 2015 in order to accommodate a rapidly rising population that is set to exceed 26 million within the next three years, said a leading developer ahead of a real estate event in Riyadh.
Injaz Development, a leading real estate development, investment, marketing, and services firm, will display its comprehensive property portfolio and discuss expansion plans during the Riyadh Exhibition for Real Estate and Architecture Development (Restatex) 2010.
Restatex will take place from May 9 to 12 at the Riyadh International Exhibition Centre.
“Around 250,000 homes need to be built each year within the next five years to keep pace with demand, so residential property will continue to be a key segment for local industry,” said Omar Al Kadi, president and managing director, Injaz Development.
“During the past four years Injaz has been building up its capabilities in various real estate functions. Restatex will be a perfect venue for us to highlight our contributions to the Saudi property business and form new national and regional partnerships,” he added.
Long-term residential housing demand will remain strong, as almost 40 per cent of the Saudi population is under the age of 14 and personal disposable income is projected to grow at a compound annual growth rate of 6.5 per cent to reach around SR659 billion ($172.6 billion) by 2013, he said.
Saudi Arabia’s property markets have remained highly stable during the global crisis, in contrast to those of other Arab states. – TradeArabia News Service
More Construction & Real Estate Stories
- Work to start on Bahrain beach project
- Damac launches luxury apartments at Expo site
- Kuwaitis top GCC property buyers in Oman
- Rubber World to showcase at Big 5 Saudi
- Tool to help create effective property listings
- 'Smart' move by Dubai Design District
- Drake unit wins $13m contract in India
- Solar-powered cleaning boats launched in Sharjah
- $27m Expo Hotel Sharjah deal signed
- Arabtec unit wins $282m Emaar contract
- Abu Dhabi to host pool & spa expo
- ADCM unit secures $213m bridging loan
- Cluttons Dubai launches new luxury apartments
- Dubai developer Damac profits triple to $641m
- Dubai to start work on $544m water canal
- Dubai property market can absorb 25,000 units
- Jones Lang LaSalle renamed 'JLL'
- Aldar raises synergy estimate from Sorouh merger
- UAE industrial property sector keeps up growth
- Dubai residential property prices up 26pc
- Majid Al Futtaim to build new mall in Dubai IMPZ
- 300 firms to take part in Dubai property forum
- Naseej inks deal to develop Bahrain projects
- Dadabhai unveils new residential project
- Flowcrete completes Dubai Mall project
- Global asphalt demand hits new high
- $1.3bn infrastructure investment firm set up in Saudi
- Manara sees big project villa success
- Global giants eye RAK utility projects
- Cayan partners with international artist Zsuzsanna