Tuesday, 26 October 2021 03:07 GMT

Saudi Arabia to build over 1.3 million homes in next 9 years

(MENAFN)The global real estate consultant Knight Frank stated that over .3 million homes and 100,000 hotel rooms are going to be constructed in Saudi Arabia in the coming nine years.

The declaration by the company showed once the Kingdom saw a tenfold boost in the number of residential mortgages issued in the first six months of 2021 in comparison to the same time span in 2016.

Knight Frank predicted that close to USD1 trillion value of real estate and infrastructure projects were declared in the wake of the National Transformation Plan, unveiled in 2016.

The consultancy firm declared that this is only a third of the total USD3.2 trillion of spending that is planned.

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