Municipal officials are attempting to control the rising rents in Madina by circumventing the problem. A new project titled “A house for each citizen,” will attempt to aid one of the fastest growing populations worldwide find a home. Dr. Salah Al-Raddadi, Chairman of the Municipality Council in Madina said the committee formed by the council is putting the final touches of the project before submitting it to Prince Mit'eb Bin Abdul Aziz, Minister of Municipal and Rural Affairs for approval. He said once the project is approved it will be generalized to all regions of the country. A recent study conducted on population growth in the Kingdom placed it as one of the fastest growing populations in the world. The Kingdom is growing at 2.09 percent annually whereas many countries are growing at 1.01 percent annually. By 2015 the population of the Kingdom is expected to grow by 35 percent. The growing population has fueled a high demand for new homes which has caused land prices to increase dramatically. Compounding the problem is the increase in prices of building materials as well as long lines at the Real Estate Fund. This project, Al-Raddadi said, will help fight this problem. The Mayoralty guarantees it will provide project site and designs. Beneficiaries will be able to pay for the homes in installments not exceeding 25 percent of their income. – Okaz __
