<Dl> <Dt> Housing </Dt> </Dl> <P> Only 30% of Saudi Arabia's citizens own their own home, compared to the international average rate of 70% ownership . In 2011, analysts estimated 500,000 new homes / year were needed to match the growth in Saudi population, but as of early 2014 only 300,000 to 400,000 houses / year were being built . </P> <P> One problem is that the government Real Estate Development Fund (REDF)--which provides 81% of all loans for housing--had a 18 - year waiting list for loans due to pent - up demand . Another is that the REDF's maximum loan is 500,000 SR ($133,000), while in 2012 the average price for a small free - standing home in Riyadh is more than double that--1.23 million SR ($328,000). </P> <P> A major reason for the high cost of housing is the high cost of land . In urban areas the price of land has been bid up because nearly all of it is owned by the Saudi elite (members of the royal family or other wealthy Saudis), who have lobbied the government for land "giveaways". Landlords have seen prices rocket by 50% from 2011 to 2013 . The owners benefit from these price increases as they hold the land for future development . To deal with the key "land banking" issue the Housing Minister suggested in 2013 that landowners of vacant within city limits could be subject to a tax . However, no firm plans for any tax have been unveiled . </P>

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