The problem of housing a large number of people in a smaller span of time has spurred real estate companies to create mass housing options.
The Middle East has been grappling with a unique housing problem in recent times. Dealing with the high numbers of expats and younger age groups wanting accommodation has not been easy in Saudi Arabia, UAE and Egypt. More and more people have been demanding decent accommodation in the city centres. There is a high demand for both rental and owned accommodation. There is a thriving culture of business in the Middle East. These businesses and corporations attract a fair number of expats from all over the world. According to this report, there is a shortage of housing options for this demographic. People moving to Saudi Arabia and the UAE for work also spend a lot of their salaries on paying monthly rent. Thus, there is an immediate need to revamp the housing sector such that more affordable and accessible houses are created for all. The report further explains that the housing problem affects as many as 62 per cent houses in Saudi Arabia. But on the plus side, this is the ideal opportunity for private land development companies and top real estate companies in Saudi Arabia to maximise the potential for housing. Dealing with the housing problem Today, top real estate companies in Saudi Arabia are providing affordable housing units to expats and local residents. The middle income group is the target demographic for most land development companies based here. Understanding the need to create houses for the middle income group, these businesses are offering all-round housing projects for a pleasing living experience. On the radar are building neighbourhoods with every amenity and infrastructure that residents can easily access. Rightly understanding that people need to live close to their places of work, these businesses are identifying land near prominent business centres. These lands are then being converted into prime residential and commercial projects for a variety of uses. The entry of private land development companies in the housing arena has turned the notion of ‘affordable housing’ on its head. Previously, affordable housing projects carried a drab, monotonous look and finish. Today, these businesses are creating mass housing projects that are contemporary and well equipped in every way. From their appearance to their functionality, these homes lack nothing and are built using superior technology and materials. Adding to the new wave of affordable housing in Saudi Arabia is the use of pre-cast technology in construction. Pre-cast homes are built very quickly and they are quite durable as well. This brings down the overall project cost and delivery times. Another dimension that these construction businesses are offering is the building of energy efficient and sustainable homes.
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September 2016
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