The Saudi property sector is going to need around $640bn in investments over the next 20 years, to help build another 5m housing units, according to a new strategic plan announced by Jeddah Municipality.

Right now, the municipality believes that there is a shortage of 283,000 housing units in Jeddah itself, including 80,000 in the low-income group, Arab News reported.

The plan indicates that Jeddah will need almost a million housing units by 2030 to cope with the increasing number of expats and an influx of nationals from more rural areas.