25 April 2017
Villa and apartment prices in Saudi Arabia have declined by 8 percent, while land prices are down by 9 percent, Saudi housing minister was quoted as saying in a local newspaper.

Speaking at the opening of the Riyadh Real Estate & Urban Development Exhibition 2017 (RESTATEX) Saudi Minister of Housing, Majed Bin Abdullah Al Huqail, said housing supply and demand were now drawing closer together, according to a report on Tuesday by the Al Eqtisadiah newspaper.

The report did not mention the time period during which the decline in prices took place.

The housing ministry signed a set of local and international deals to supply additional housing units across a number of sectors, from high quality to affordable units, with prices ranging from 250,000 to 700,000 Saudi riyals ($66,659 - $186,647), Al Huqail added.

The ministry has also signed deals with 30 property developers and is planning additional deals to supply more housing units across the kingdom, the report added.

The property sector also witnessed growth during the first quarter of the 2017, which was higher than the same period last year, the minister said, citing information from the General Authority for Statistics.

(Writing by Nada Al Rifai)

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