Saudi Arabia will need to build 200,000 residential units annually over the next decade, said Dhafer Al-Khalali, general manager of Gulf Prime Services (GPS), an integrated real estate services platform catering to the residential market.
"The robust and attractive investment climate in Saudi real estate is powered by the standing of the Kingdom as a safe market, thanks to its vigorous national economy and large gap between supply and demand," Al-Khalali said.
He said that the Saudi real estate market is "poised to offer a perfect opportunity and safe haven for capital and investment seeking growth potential."
He added that the sector is currently experiencing a promising upward swing in the demand for residential units as the majority of the population comprises the youth.
"This indicates a high rate of setting up new families and underlines the soaring demand for affordable housing. The demand for housing in general will not abate or recede. Rather, it is set to rise on an annual basis," he said.
He added that the Saudi government has indicated "top priority to housing and incorporated housing in its successive developments plans and ranked the provision of healthy, socially and economically feasible houses among its top objectives."