(MENAFN) According to the Minister of Housing, Saudi Arabia's residential real estate finance is expected to surpass 1.2 million contracts worth SR600 billion (USD162 billion) by 2030.
Majid Al-Hogail, presenting at the Real Estate Future Forum in Riyadh on Feb. 23, estimated that the real estate market will generate 8.8 percent of the country ’s gross domestic product by 2030.
According to the ministry, land and property licenses in real estate surged by 85 percent in 2021.
In 2021, he continued, the real estate industry will provide 40,000 job opportunities.
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