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Drop in Home Prices in Saudi Arabia
(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.
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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