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