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Saudi Arabia needs 1 million homes by 2014

 1 million homes will be needed in Saudi Arabia over the next 5 years as real estate development and property investment takes off in the Kingdom.
The organizers of Cityscape Saudi Arabia said that the boom will come on the back of rapidly expanding population, which is growing by 2.5% a year and a new law that will see mortgages available in the country for the first time later this year.
Mr Deep Marwaha event director said that “Anyone who doubts the potential for continued high levels of real estate investment and development in Saudi Arabia only has to examine some of the statistics.”
Mr Marwaha said that “With a population of 25 million people growing at 2.5% a year, Saudi Arabia is set to double its population in 28 years. In addition, 40% of Saudi nationals are under the age of 20% and 70% under 30. If that is not enough, 65% of families currently don’t own a home.”
The potential of the Saudi real estate sector was recently summed up in UK-based Architects Journal as unique in the GCC. The Journal said that “There are an awful lot of people in Saudi Arabia genuinely looking to buy a building. Demand is variously quoted at 200,000 homes a year, with a current 500,000 home deficit and thus one million new homes needed within the next five years.”

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