Real Estate Market in Saudi Arabia Tripled in the Last 3 Years
“In the real estate market in Saudi in the last three to four years, the prices doubled or tripled. As you know, the population growth in the country is becoming very high. This is one of the reasons that suddenly the government realized there is high demand for land, or in other words, a high housing demand,” explains Mohammad Al Saja, Chairman of Mizat Development Company.
“In the real estate market in Saudi in the last three to four years, the prices doubled or tripled. As you know, the population growth in the country is becoming very high. This is one of the reasons that suddenly the government realized there is high demand for land, or in other words, a high housing demand,” explains Mohammad Al Saja, Chairman of Mizat Development Company.
“The other point was the stock market in 2005, 2006 and 2007. After this time it went down. In this country you have two channels for investments – either the stock market or real estate. So when the stock market goes down, you find people shifting to real estate. There is plenty of cash and the government spending is also going toward real estate.”