Riyadh: A new report covering international real estate markets has indicated that the Saudi market was among those that witnessed a fall in prices so far in 2018.
Saudi was only one of seven markets to see prices fall in the 12-month period ended June 2018, according to Knight Frank. The Kingdom was also the only GCC state included in the report.
Saudi Arabia’s house prices fell 1.3% year-on-year between April and June this year. The drop slowed to 0.8% compared to the first quarter of 2018, according to the report.
However, the biggest price drop was between Q4-17 and Q2-18, Knight Frank said, indicating a price fall of 1.5% for Saudi homes.
Other markets were home prices were down included Ukraine and Peru, which witnessed drops of 4.5% and 1.6%, respectively, the report showed.
It is worth noting that Knight Frank's Global House Price Index rose by roughly 5%. Still, this increase was the slowest growth rate since Q2-16.