Saudi Arabia needs 115k new homes a year, and additional stories

For PropertyGuru’s real estate news roundup, Saudi Arabia needs to build 115,000 new homes per year to meet its 2030 target. In other headlines, experts are emphasising the importance of flexible solutions to develop Vietnam’s carbon credit market. Lastly, a new bill has been filed in the Philippine Congress that seeks to address the issue of illegal foreign ownership of land.

Saudi Arabia requires 115,000 new homes annually to meet 2030 target: Knight Frank
According to Arab News, Saudi Arabia will need to build 115,000 new homes per year to meet its target of achieving 70 percent homeownership by 2030. The country is grappling with a housing supply shortage that has driven property prices up, particularly in major urban centres like Riyadh and Jeddah. Real estate consultancy Knight Frank highlighted that the increased demand for homes stems from rapid population growth, shifting demographics, and rising economic activity. The Kingdom’s Vision 2030 initiative, aiming to enhance the housing market, will play a key role in addressing this gap.

Flexible solutions crucial for Vietnam to develop carbon credit market: Experts
Experts are emphasising the importance of flexible solutions to develop Vietnam’s carbon credit market, VietnamPlus reports. With the global push for sustainability, the carbon credit system is seen as a critical tool to support the country’s efforts to reduce carbon emissions. However, experts argue that more adaptable approaches are needed to make this market viable. This includes integrating local businesses and industries into the system, along with ensuring robust frameworks for monitoring and trading carbon credits to help Vietnam meet its climate goals effectively.

Philippine solons file bill on forfeiture of illegal, foreign-owned real estate
A new bill has been filed in the Philippine Congress that seeks to address the issue of illegal foreign ownership of land. The proposed legislation calls for the forfeiture of real estate properties owned by foreigners who violate the country’s land ownership laws. As reported by PNA, lawmakers argue that this measure will protect Filipino property rights and curb illegal practices in the real estate market. The bill aims to strengthen the enforcement of current regulations and ensure that foreign investments in real estate align with national interests.

The Property Report editors wrote this article. For more information, email: [email protected].