Saudi Arabian families had spent around SR81 billion ($21.5 billion) on housing leases, about 12.5 per cent of a family’s monthly income, last year, said a report.
On a monthly basis, their expenditure rose to SR6.75 billion ($1.8 billion), reported the Arab News, citing an analysis of the Economic Reports Unit.
The analysis also showed that each member of a Saudi family, employed or otherwise, had to spend SR333 ($88.6) on leases a month or SR4,000 ($1,065) a year.
According to the report, Saudi families spent about SR93 billion ($25 billion) on leasing, renovation and maintenance of houses. This amounted to about 14.4 per cent of the family’s income, it stated.
The analysis was based on a survey of Saudi families’ spending and income, issued by the Department of Statistics and Information for the years 2006-2012. Inflation on leases, which increased by seven per cent since the end of 2012 to November 2014, was taken into account while compiling the figures, the report added.