Posted by Neil King
Property investment in Saudi Arabia is expected to reach AED 473 billion in the next three years, it has been claimed.
According to Fahad al-Sultan, secretary general of the Council of Saudi Chambers, real estate is the most important industry sector in the country after the oil industry.
Speaking to Arab News, Mr al-Sultan said: "The volume of real estate transactions has doubled to reach some AED 977 billion and will continue to grow if approved mortgages and real estate financing facilities become a reality."
He added that an increasing population and a shift toward smaller households in the country could lead to a shortage of new housing, and suggested that some 2.6 million homes need building in Saudi Arabia by 2020.
Recently, the Dubai Land Department and the Real Estate Regulatory Authority announced it was considering new rules that would put pressure on property developers to complete their construction projects on time, reports 7 Days.