FINANCIAL NEWS

Saudi’s real estate prices fall by 30pct

17 Apr 2017

(MENAFN) Real estate prices have dropped by 15 to 30 percent in Riyadh, Jeddah and the Eastern Province, while they predict more declines in prices in the coming months.

Currently, many factors are likely to bring down prices in Jeddah; such as the city’s position as a tourist center; it plays host to many conferences and seminars and its thriving business hub.

Accordingly, the Housing Ministry was taking fast steps to cut the prices of real estate products by trying to establish a balance between demand and supply.

Additionally, the ministry is not imposing white land tax in order to make money but to make more land available, while things will become clearer by the end of the year.

MENAFN1704201700450000ID1095398461

MENAFN1704201700450000ID1095398461

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