Foreign labourers work on the construction of new luxury houses in the Saudi capital Riyadh on April 13, 2019. AFP / FAYEZ NURELDINE
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
Saudi Arabia is building a futuristic megacity with promises of talking robots and flying taxis, but for hundreds of thousands like academic Abdullah a simple dream remains elusive -- owning a home.For decades, the once tax-free petro-state dished out interest-free housing loans.Abdullah said he was still left struggling to pay off both loans that ate up roughly half his monthly income of 20,000 riyals amid rising living costs.Nearly half of the country's 20.7 million Saudis owned their own home in 2017, with hopes of reaching 70 percent by 2030 .The kingdom also wants to reduce the cost of an average home by 2020 to five times the average annual income, down from 10 times the yearly salary in 2015 .The Housing Ministry, which has announced multiple housing schemes to alleviate the crisis, says it seeks to increase total mortgages to 502 billion riyals by 2020, up from 290 billion riyals in 2017 .
FOLLOW THIS ARTICLE