Advertisement
|16 September, 2018

Saudi Arabia real estate market drop in 2018 - Report

Saudi was only one of seven markets to see prices fall in the 12-month period ended June 2018

View shows the King Abdullah Financial District, north of Riyadh, Saudi Arabia, March 1, 2017. Image used for illustrative purpose.

View shows the King Abdullah Financial District, north of Riyadh, Saudi Arabia, March 1, 2017. Image used for illustrative purpose.

REUTERS/Faisal Al Nasser

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.

Advertisement

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.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2018 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From GCC