Saudi Arabian families had spent around SR81 billion ($21.5 billion) on housing leases, about 12.5 per cent of a family’s monthly income, last year, said a report.
On a monthly basis, their expenditure rose to SR6.75 billion ($1.8 billion), reported the Arab News, citing an analysis of the Economic Reports Unit.
The analysis also showed that each member of a Saudi family, employed or otherwise, had to spend SR333 ($88.6) on leases a month or SR4,000 ($1,065) a year.
According to the report, Saudi families spent about SR93 billion ($25 billion) on leasing, renovation and maintenance of houses. This amounted to about 14.4 per cent of the family’s income, it stated.
The analysis was based on a survey of Saudi families’ spending and income, issued by the Department of Statistics and Information for the years 2006-2012. Inflation on leases, which increased by seven per cent since the end of 2012 to November 2014, was taken into account while compiling the figures, the report added.
Arab News
12 January
