FINANCIAL NEWS

Drop in Home Prices in Saudi Arabia

31 Jul 2016

(MENAFN) A continues drop in home prices of Saudi Arabia’s biggest cities in the last three months, as a result of the decline in oil profits which puts a pressure on the economy of the kingdom.

According to JLL data, villa prices in the capital Riyadh was 5% lower in Q2 than they were during the same time last year. While apartment prices were lower for 1%.

In the kingdom’s second city, Jeddah, villas prices were down by 4% and apartment prices fell by 5%.

Also, JLL added, that housing transactions fell by 5% during Q2.

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