Booming Real Estate Market In Saudi Arabia
Leading Middle East property developers are predicting considerable growth in the market for property in Saudi Arabia, as an increasingly wealthy middle class, coupled with an increasing population combine to increase overall demand for high end units in the region.
Sami Hussain, Business Development Manager for Dubai based developers Damac Properties said "Saudi Arabia is a budding market that has ample opportunity for real estate development due to its great expanse of land and wealth of natural resources."
Hussain went on to say "Saudi Arabia is in the midst of a population boom that will necessitate an estimated 1.3 million residential units over the next seven years."
Damac Properties are one of a number of developers who have begun investing in new property developments throughout Saudi Arabia. Their latest, Al Jawharah is located on the prestigious Jeddah Corniche development, and will offer 40 storeys of residential units including one, two, three and four bedroom apartments.
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