Sunday, September 19, 2010

Housing crisis looming bigger - Arab News

Housing crisis looming bigger - Arab News: "JEDDAH: Saudi Arabia will need 1.5 million new houses by 2015, according to a new study conducted by Oxford Business Group (OBG).

“We� expect low-cost housing, such as multistory apartments, to gain prominence during the coming years as the Kingdom’s rapidly growing population stretches demand to an estimated 1.5 million new units by 2015,” said Rakesh Kunhiraman, Dubai-based director of OBG’s consulting division.

The study said real estate prices are on the rise in parts of Riyadh and Jeddah, Al-Eqtisadiah newspaper said quoting Kunhiraman."
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