Saudis to spend $640bn on 5m new homes

According to a new strategic plan unveiled by Jeddah Municipality, the kingdom's property sector will need around $640bn in investments over the next 20 years to build five million new low-cost housing units, Khaleej Times has reported. To cope with the increasing number of expatriates and an influx of nationals from rural areas, the plan estimates Jeddah alone to need almost a million housing units over the 20-year period. The total investment in the kingdom's real estate sector is expected to exceed $400bn in 2010.