Business & Money | Tuesday 3 February, 2015 7:55 am |

Welcoming the resolutions by Custodian of the Two Holy Mosques King Salman, the chairman of the Housing Committee in Jeddah Chamber of Commerce, Khalid Bashoair, said on Monday the housing and real estate sector will witness stability within the next five years.
He was speaking at a meeting, which was attended by Khalid Jamjoom, head of the Urban Development Committee, Mazen bin Mohammed Batterjee, vice-president of the JCCI and Yasser Adas, director general of the structural plan and organization at Jeddah Municipality, besides several officials.

Bashoair said the resolutions are in the citizens’ interests and will provide a solution to the housing crisis in the Kingdom, particularly Jeddah.
Referring to the royal decree which allocated SR20 billion toward electricity and water services, with SR14 billion earmarked for electricity connections and SR6 billion for water connections for the housing projects and schemes, Bashoair said that the move reflected King Salman’s interest in providing housing to citizens with all the amenities.
He stressed that the royal directive ensured that there was no delay in the completion of the projects due to the large amount of funds for real estate development.
The chairman also pointed out that Jeddah has 100 million square meters of vacant land which will be utilized for massive construction projects and contribute to the provision of adequate and affordable housing.

He expressed hopes the prices of land would decrease and that there would be equilibrium between supply and demand with regards to housing.
Yasser Adas said Jeddah needs around 800,000 housing units in the next twenty years, and with the launch of a new public transportation project within 6 years, new developments are expected including the creation of seven large urban centers.