- Saudi Arabia real estate market hit hard
Saudi Arabia's real estate market hit hard by massive expat outflow
The numerous departure of expats from Saudi Arabia has a negative impact on the country's real estate market. To guarantee liquidity and prevent downtime, apartment owners were forced to lower their rent and sales costs. According to analysts, this situation will continue in the coming months. According to the Saudi Gazette, over 700,000 various specialists have left Saudi Arabia over the past year and a half. Of these, according to the General Statistical Office (GaStat), almost 500,000 left the country back in 2017.
How has the price of housing changed in other parts of Saudi Arabia?
Real estate in more distant regions of the country has become cheaper by 25%, but in cities the value has not fallen as rapidly as Asharqiyah Khaled Barashid, who is well aware of the peculiarities of the Saudi Arabian market, claims. He was the chairman of the real estate committee. Given this situation with the decline in real estate prices in the country, most buyers decided to wait a little longer, expecting a further decrease in apartment prices. How long the market will remain in this state is not reported, however, analysts already have forecasts of how further events may unfold.
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