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Saudi Arabia homes get cheaper in 2018

Only Ukraine and Peru saw real estate prices decline more than in Saudi Arabia during the 12 months to June 2018

Saudi Arabia's real estate market was one of the worst performers during the 12 months to June 2018 [representational image].
Saudi Arabia's real estate market was one of the worst performers during the 12 months to June 2018 [representational image].

Saudi Arabia is one of only seven international real estate markets hit by a price decline in the 12 months to June 2018.

The kingdom was among the worst-performing markets, despite Knight Frank's Global House Price Index increasing by a rate of 4.7%. 

Prices in the kingdom's real estate market declined by 1.3% year-on-year to Q2 2018, although the fall slowed to 0.8% when compared to the first and second quarters of this year.

READ: Saudi real estate developer reports 892% profit hike 

Knight Frank said prices recorded the greatest fall during a six-month period between Q4 2017 and Q2 2018, when real estate values in Saudi dropped by 1.5%.

This puts the market ahead of Ukraine and Peru – where prices fell by 4.5% and 1.6% respectively – but behind 54 other countries, including China, the US, UK, Germany, France, Malaysia, and the top performer, Malta.

Saudi Arabia was the only GCC country included in the report.

While Knight Frank's Global House Price Index increased by close to 5%, the rise was the slowest rate of growth since Q2 2016.

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Construction Week - Issue 741
May 11, 2019