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The Truth About The Saudi Real Estate prices

Saudi Arabia - January 21, 2015
Ministry of Housing

Saudi Housing Minister pointed out in a statement of the Shura Council that the demand for real estate has decreased recently as the selling process fell by 10% and the real estate market is still registering more decreases.

The statement also pointed out the invalidity of rumors that were strewn about the rise in real estate prices being within normal, where the minister stressed that the real estate prices rose to insane levels and emphasized the need to lower the prices to match display and demand market.

The Ministry of Justice reports revealed that 94.0% of the values of real estate transactions are only speculations on white land; in addition that the wealth managed in the market reached 449.7 billion riyals where the share of residential products was only 21.3 billion riyals.

 

Source: aawsat.com

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