The two guys in the caricature are saying:Guy Reading: The size of the Kingdom (Saudi Arabia) is 2.25 Million Square Meter
Guy Cross-Legged: And majority of its citizens are renting and don't own land (homes)!!
Now am finding this really hard to believe; but there are very good estimates that the % of Saudi citizens owning their home is between 50%~30% with the most likely estimate being 30% or less
the 50% estimate came from official figures - now I really have my doubts on those because for one I have low trust in government figures to start with. And mind you, these are economic figures from a government not known for its transparency
while the most likely figures are coming from market participants - look here! whom in such countries I would definitely trust more
What got me to write about Saudi Housing was that since 2008 up until now, people have been talking about the big Real Estate boom in Saudi Arabia. Yet we have yet to experience that on the scale that we saw in Dubai or in Qatar.
And a recent article on Arab News which points out the lack of low-cost housing and this is were the Oxford Business Group suggest to have the highest demand.
I suggest that the Saudi government to get serious about addressing such low level of citizens' home ownership as these are dangerously high for such a wealthy country
Hopefully someone there will listen, hopefully
What got me to write about Saudi Housing was that since 2008 up until now, people have been talking about the big Real Estate boom in Saudi Arabia. Yet we have yet to experience that on the scale that we saw in Dubai or in Qatar.
And a recent article on Arab News which points out the lack of low-cost housing and this is were the Oxford Business Group suggest to have the highest demand.
I suggest that the Saudi government to get serious about addressing such low level of citizens' home ownership as these are dangerously high for such a wealthy country
Hopefully someone there will listen, hopefully
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