According to a report titled \u201cConstruction Sector in the GCC,\u201d about 30% of Saudis own homes, while the global average is 70%, according to K Corp. The rest of the population rents or relies on housing units provided by the companies they work for.<\/p>\n
In a related context, real estate sources expect Saudi Arabia to witness the construction of housing units in the next five years comparable to what was built fifty years ago, provided that the work between all parties to the real estate process, including real estate developers, financing agencies and final buyers, is strengthened under the direct supervision of the Saudi government.<\/p>\n
In a separate survey, the Charitable Society for Marriage and Family Guidance in Jeddah revealed that 93% of grooms confirmed that high rents are one of the reasons for delaying the age of marriage.<\/p>\n
Based on the results of this survey, the Chairman of the Board of Directors of the Charitable Society for Marriage and Family Guidance in Jeddah, Ahmed bin Saleh Al Sultan Al Omari, called on private sector establishments to support and support their employees who are about to get married to contribute to facilitating marriage matters for them, noting that the Society continues to provide its assistance and help to young men and women wishing to chaste themselves and build a good family, as well as educate them on methods that contribute to reducing the cost of housing, including awareness of the criteria for choosing apartments suitable for income and reducing costs, during the rehabilitation programs it offers to newlyweds.<\/p>\n
This comes at a time when rapidly changing lifestyles, rising youth rates, and decreasing family size have increased the demand for housing units in the Kingdom. According to Alpen Capital's own report, over the past four decades, Saudi Arabia's population has nearly quadrupled to 30.7 million in 2014, with nationals accounting for 68% of the total population. The report adds that a large portion of the population is middle-income, which is the most important segment for residential mortgage financing. Although the new mortgage law has led to an increase in the number of mortgage lenders, home ownership still faces significant challenges for most homebuyers.<\/p>\n
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