Skip to main content

Rising Home Prices Impact Saudi Property Transactions

 


In a recent assessment by JLL, escalating home prices in Saudi Arabia are yielding a concerning decline in property transactions across the nation. The Q2 report reveals that residential property sale prices have surged, particularly in Riyadh with a notable 7% gain, and Jeddah showing a commendable 5% increase. However, the ascending prices coupled with higher interest rates are beginning to dissuade potential buyers from entering the market.

Furthermore, the study highlights shifts in market demand within Riyadh and Jeddah's major real estate sectors. The report underscores a 2% drop in the total number of sale transactions for villas and apartments in Riyadh and a substantial 17% decrease in Jeddah over the first five months of 2023. This decline also manifests in the total value of property deals, with Riyadh experiencing a 4% decrease and Jeddah witnessing a significant 19% dip compared to the same period the previous year.

Despite the dwindling transaction numbers, a bright spot emerges in the form of increased hohomeownershipmong Saudi citizens, currently standing at 67%. The government's ambitious target is to achieve 70% home ownership by 2030. As part of its commitment to bolster the property sector, the Saudi Minister of Justice, Dr. Walid AlSamaani, has launched the Real Estate Market platform. This online resource is aimed at furnishing accurate and updated information about the real estate sector, streamlining property transactions, and offering various e-services for buyers and owners. It's anticipated that the platform will also prove beneficial for investors and portfolio managers.

READ MORE: Property Transactions Decline In Saudi Arabia Rising Prices

Additionally, the Ministry of Municipal and Rural Affairs and Housing has introduced a set of new penalties for various municipal violations. The penalties encompass trespassing on public property, stealing electricity from lighting poles, and price manipulation by establishments. These comprehensive regulatory adjustments aspire to cultivate a more conducive operating environment, particularly for small and medium enterprises (SMEs), within the realm of the real estate industry.

Comments

Post a Comment

Popular posts from this blog

Exposing the Brotherhood: Why Jordan’s Terror Cell Bust Must Spark a Global Policy Shift

 The recent dismantling of a Muslim Brotherhood-affiliated terror cell in Jordan should not be seen as just a national security success—it must be a turning point in how the international community views and responds to the threat posed by the Brotherhood. Jordanian security forces uncovered an elaborate network of terrorists trained in Lebanon and backed by foreign interests. Their mission: to launch attacks using rockets and drones, destabilizing the Kingdom and spreading fear among civilians. This is not the work of activists or political dissidents—this is terrorism, plain and simple. For too long, the Muslim Brotherhood has operated under a false image of moderation, cleverly navigating between political activism and violent extremism. But the truth is clear: the Brotherhood is the ideological engine room of jihadist terrorism. Its members, affiliates, and offshoots have inspired and directed acts of violence from North Africa to the Gulf—and now, once again, in Jordan. Govern...
Post a Comment
Read more

The Ritz-Carlton Residences in Diriyah: A Fusion of Heritage and Opulence

  The Ritz-Carlton Residences in Diriyah, known for its cultural and historical value, usher in a new age of opulent living. In the center of Diriyah, this partnership between the Diriyah Company and Marriott's Ritz-Carlton establishes a previously unheard-of benchmark for luxurious living. Inspired by the Najdi legacy, the houses offer occupants a distinctive and immersive cultural experience by skillfully fusing traditional charm with contemporary facilities. These villas prioritize well-being and create a pleasant environment for dynamic living. They are designed to adapt to varied tastes and lifestyles, with six unique layouts and a range of interior designs. Part of the Diriyah Company's ambitious development plan, The Ritz-Carlton Residences are located in the heart of Diriyah, a UNESCO World Heritage Site including At-Turaif as its focal point. The objectives of the Kingdom's Vision 2030 are perfectly aligned with this concept, which has over 20,000 residential units...
Post a Comment
Read more

Dubai ranks 6th on list of top trending holiday destinations for 2025

  Dubai has just been ranked an incredible 6th place among the top trending destinations. One of the leading hospitality groups has released a report, detailing tourism trends and top destinations for 2025. Dubai  secured a score of 93.13 out of 100, ranking higher than the Bahamas, London, Bali, Hong Kong, Mexico City, Paris, Madagascar and Orlando. The presence of the city's name on the list is unsurprising, though. Dubai has turned into one of the leading tourist hotspots in recent years. Millions of tourists from across the globe flock to the city each year, lured by its dazzling skyline and futuristic yet traditional vibe. The detailed report also highlighted some of the  key tourist trends of 2024, such as  the use of artificial intelligence in the tourism industry has increased significantly in the past 12 months. This concept is popularly called ai-tinerary.
Post a Comment
Read more