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Our digital series on the development of the Saudi Housing Market continues with more content dropping every week. We’re bringing you a cross-platform combination of livestreams, recorded interviews, bespoke research and polling all designed to explore and explain this important new market.
And why is this new market important?
The potential value of new Saudi mortgage loans over the next five years is around $280bn – giving a revenue pool for financial institution of between $20 and $30 billion. To give context – in 2019 the total revenue of the top ten Saudi banks was $20bn – meaning that mortgages could provide the sector with 20% annual growth on their own.
And housebuilding, by its very nature has a significant economic multiplier effect. The UK’s Home Builders Federation (admittedly a trade body and therefore inclined to estimate the multiplier favourably) claim that every house built creates three jobs, provides $200,000 of economic output and $20,000 of new taxes paid.
If we adjust the UK numbers to the economic baseline of the Kingdom, then the multiplier effect of building 1.4 million new homes in Saudi Arabia could be more than a million new jobs, $90bn of economic activity and $9bn of new taxes. Almost on its own, that changes the macro outlook for the Kingdom to something very different than being currently forecast.
It’s not hard to see why the government has prioritised the housing sector as a major developmental goal of Vision 2030 – the economic impact alone makes it a no-brainer.
You can prioritise the sector too – by joining the community taking part in the Euromoney Saudi Housing series,