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Some 17,000 new homes to be built in Madinah
Sunday, 18 April 2010

A total of 17,000 homes will be built in Madinah to help address the Saudi province’s housing shortage, real estate sources have said.

Madinah municipality has allocated 8.78 million sq m of land at four separate locations for the new homes, Arab news reports on Sunday.

Naif Al-Suhaimy, leader of realtors in the holy city, told the paper about a third of the land would be used for infrastructure, schools and mosques.

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Sources told the paper that 2.7 million sq m have been allocated in Owaina, 2.6 million in Malileh, two million in Abyar Al-Mashi and 2.2 million in Swaidra.

Saudi Arabia’s real estate market is set to grow by up to seven percent a year until 2012, driven by a growing local population and an influx of expatriate workers.


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