Knight Frank, the renowned international real estate agency and property consultancy group, has released its Global House Price Index report for the third quarter of 2018 where the property market of the Kingdom of Saudi Arabia was placed 57th among 57 property markets that the index studies; this marks Saudi Arabia as the worst performing property market in the aforementioned quarter.
According to the report, the overall average of property prices in Saudi Arabia has dropped down by around 3.7% during the last year. This comes after the Gulf’s largest kingdom has recorded a 2.9% drop in its average property prices in the second quarter of 2018, while the first quarter witnessed a 2.1% drop.
Hong Kong, on the other hand, came at the top of the list as the best performing property market as its average prices have increased by 15.7%. Meanwhile, the property market of the United States has witnessed its slowest growth rate since the fourth quarter of the year 2016. Overall, the prices of all the studied property market prices in the index jumped up by 4.9%.