The Real Estate Development Fund (REDF) has approved 12,052 loans worth SR5.897 billion to build 14,462 housing units, Director General Muhammad Bin Ali Al-Abdani said Saturday. The new loans represent the second batch of approved loans in the budget for 2012. In Jeddah, there was a 15 percent rise in average sales price of single-family dwellings (villas and duplexes) to SR3,980 ($1,061) per sq. m. in 2011, while the average sales price of multi-family dwellings (apartments) rose by 14 percent to SR2,450 ($653) per sq. m. In Riyadh, there was a 9 percent rise in the average price of single-family dwellings to SR3,150 ($840) per sq. m, according to Colliers International GCC. __
