Saudi Arabia is reportedly experiencing a boost in demand for real estate due to a steadily growing population and a rise in tourism. Another 77,000 units are expected to be delivered in Riyadh through 2017. In addition to these factors, this report claims that the dynamics of the market may be changed substantially, through the implementation of a rule that imposes fees on undeveloped or white land within city boundaries, which will encourage more property development. The report also states that there are currently no plans to build any new housing units in Riyadh as part of its Vision 2030 plan.
Saudi Arabia is reportedly experiencing a boost in demand for real estate due to a steadily growing population and a rise in tourism. In addition to these factors, this report claims that the dynamics of the market may be changed substantially, through the implementation of a rule that imposes fees on undeveloped or white land within city boundaries, which will encourage more property development. The report also states that there are currently no plans to build any new housing units in Riyadh as part of its Vision 2030 plan.