According to Al-Sharq Al-Awsat newspaper (May 29, 2005), Mr. Ayedh Al-Kahtani, Chairman of the Al Ola Development Company, anticipates the current real estate boom in Saudi Arabia to last two years. He described the Saudi real estate market as very promising for numerous indicators which manifest the market stability and active movement. The chairman emphasized that the Saudi real estate sector is steadily growing and that the current relative market slowdown is a re-correction period.
The specialist also said that the Saudi population is expected to reach 33 million by 2020 which manifests the continuous need for new residential apartments.
