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Panoramic view of the skyline of Jeddah with an airplane flying low over the horizon approaching Jeddah airport and the lower Hijaz mountains in the distance in Mecca province, Saudi Arabia. Image used for illustrative purpose only. Getty Images
Demand for houses in Saudi Arabia will largely outstrip supply by 2030 due to high population growth and government incentives to citizens, a local report shows.
Demand is projected at around 1.2 million houses but nearly 800,000 units are expected to be delivered in 2030, Al-Rajhi Capital said in a weekend report.
“The high demand for housing is due to a number of factors, mainly the rapid population growth, government incentives to citizens to own houses and a strong tendency by Saudi to have families,” it said.
The report showed that housing ownership by Saudis has surged from around 46 per cent in 2016 to nearly 63.7 per cent at the end of 2023, adding that the ratio is expected to swell in the next years as part of the Gulf Kingdom’s Vision 2030.
(Writing by Nadim Kawach; Editing by Anoop Menon)
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