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Can Saudi Arabia fix its housing time bomb?

Reuters
Can Saudi Arabia fix its housing time bomb? - Saudi Arabia - housing crisis


Like thousands of young Saudis, Nayef al-Nasser is trapped between love and a dysfunctional real estate market.



Nasser, 34, has been engaged for the past seven years. His job as a car salesman in the Saudi capital earns him 5,000 riyals (USD 1,333) a month. When sales are good, he can make up to 4,000 riyals a month on top of that. He should be married and enjoying his life, he said, clean shaven and stocky in his traditional white thoub and head scarf.

There's a problem, though. Nasser does not own his own house and until he does his fiance's father insists that there will be no wedding. "Not an apartment, a house," said Nasser. "He doesn't like his daughter or her visiting sisters and mother to have to share a building with strangers; the neighbours, he means."


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