FACTORS INFLUENCING HOUSING PRICES IN SAUDI ARABIA (Essay Sample)

FACTORS INFLUENCING HOUSING PRICES IN SAUDI ARABIA
Student Name
University
Outline
1 Introduction
2 Factors influencing housing prices in Saudi Arabia
2.1 Costly technical know-how of construction
2.2 High number of retirees intending to purchase a house
2.3 Poor implementation of government policies
2.4 High interest rates on mortgages
2.5 Costly procedures used in construction
2.6 Social and economic status of the Saudi Arabian population
3. Strategies developed to address the factors influencing the housing prices
3.1 Adopting green design concepts and sustainable technology
3.2 Government projects and the Saudi vision 2030
4. Conclusion
5. References
1 Introduction
Housing is considered as one of the essential requirements of the individual. The accessibility and quality of housing significantly affects individuals' lives. It has direct effect on the socio‐economic improvement of a country.
In Middle East and particularly Saudi Arabia the house costs has been on the ascent. The reason for this expansion in house costs has been that the country is confronted with a developing young populace segment and a quick drive towards modernization, therefore making affordable housing a key housing improvement strategy issue confronting the Kingdom of Saudi Arabia.
Saudi Arabia is a nation of the youthful population, the characteristic result of generally high birth rates. Around 70% of the populace is comprised of individuals under 30 years old. Around 45 percent of the populace is under 15 years of age. These segment powers lay the preparation for economical housing interest for a long time to come. The demand for housing will keep on filling in the coming many years.
The pattern towards a weaker housing market was at first set off by the economic lull that began to be felt in 2016; up until now, the housing sector has almost fail to recuperate. This presents a contradiction to the Saudi Arabia Vision 2030 housing program which aimed at provide housing solutions that enable Saudi Families to own, and benefit from owning, suitable houses based on their personal requirements and financial capabilities.
The high prices of houses in Saudi Arabia can be associated with several factors discussed below including the efforts to curb the rise in house prices through provision of affordable houses.
2 Factors influencing housing prices in Saudi Arabia
1 Costly technical know-how of construction