Saudi Arabia has approved the construction of an additional 25,500 apartments as part of ongoing efforts to ease the Kingdom’s acute housing shortage.
The units will be built in various cities, according to a Housing Ministry directive quoted by Arab News.
Locations include an area northwest of the international airport in Riyadh, as well as Madinah, Jeddah, Dammam and Qatif.
A massive government effort is underway to address the housing shortage in Saudi Arabia. According to real estate consultants CBRE about 60% of Saudi nationals – or some 10 million people – live in rented accommodation and the rate of Saudi home ownership is about half the global average.
It emerged in March that the government plans to impose taxes on undeveloped plots of urban land in a bid to resolve the shortage. Vast swathes of land in Saudi Arabia are owned by wealthy individuals who have held back from developing on it.
Me Construction News