Saudi Arabia Report

"The Saudi market is currently facing a very short supply of real estate properties, which will fuel the demand over the next few years. The gap we need to fill about 1.2 million units over the next 5 years, which shows you the size of our inventory and the potential for growth within the market," says Majed Al Hogail, Managing Director of Rafal Real Estate Development Co.

"The government's plan is based on the Royal decree to develop and provide 500,000 units. There are plenty of opportunities for both the private sector and the government and both sectors are working together to build upon these opportunities. We see the potential as significant. There is limited development in the country right now and the government's capacity to develop such quantities in such a short amount of time is limited."