The prices of real estate units in Riyadh has plummeted during the second quarter of this year as a result of the new mortgage regulations issued last year by SAMA.
A report by “JLL” Company stated that prices decreased by 0.5% for villas and 1% for apartments during the second quarter of this year, meanwhile, rent prices rose by 1% villas and 2% for apartments.
The company’s report added that transaction deals rate slowed down by 7% compared to the same period of last year which goes back to customers’ inability to meet the 30% condition set by the government as a minimum value of deposit.
The second quarter witnessed the completion of 4000 new units to bring the total number of displayed properties to 980,000 units. Construction pace started to slowdown as many developers are abandoning the market as a result of the weak purchasing power and dropping prices.
However, the government’s latest decision of undeveloped