£350bn Saudi property projects to be delivered

Country:  Saudi Arabia

9 November 2009

Around £350bn worth of property projects - residential and commercial – are either currently being built or are in the planning pipeline, according to a Trade Arabia news report citing research conducted by marketresearch.com.

The investment will present the Kingdom with a real opportunity to build more affordable homes, which are currently in short supply, and should offer a real boost to the Saudi economy, which remains relatively stable, compared to other GCC nations.

Fabien Faure, group managing director of Naseba, organisers of the second annual Real Estate Investment World Summit (REIS) in Riyadh told Trade Arabia news: “Despite the global financial crisis, the Saudi real estate market still provides a fertile ground for investment. There is an increasing demand for housing in Saudi with investments having returns of no less than thirty per cent. As a result, all eyes are now on the biggest economy in the Middle East, monitoring the steps that will be taken in order to overcome the crisis.”

Faure added that Saudi Arabia is currently embarking on much needed reforms, introducing fresh legislation as well as a regulatory framework to ensure that the growth of its property remains healthy and viable.

See Also:   Marc Da-Silva, marketresearch.com, Saudi Arabia, Trade Arabia news