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Saudi’s residential market drops in Q1

20 Jul 2016

(MENAFN) The residential market in Riyadh and Jeddah softened over the first quarter amid a minor decrease in sales and rental rates through year-on-year indicators in the first quarter.

In detail, the lease rates in the apartment sector in Jeddah achieved a y-o-y growth of 8.3%, while in Riyadh this indicator reached 3%, stated PKF Consulting, an international firm of industry specialists.

Moreover, the villa segment in Jeddah witnessed a 1.2% growth in rental rates, while this segment experienced no annual change in Riyadh. Furthermore, q-o-q rental rates in Riyadh

Although this is the highest growth rate recorded in the residential market in these cities in Q1, this was the slowest rate of growth recorded in Jeddah since mid-2015.

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