{"id":21430,"date":"2016-07-31T00:59:48","date_gmt":"2016-07-30T17:59:48","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/?p=21430"},"modified":"2016-07-30T23:21:29","modified_gmt":"2016-07-30T16:21:29","slug":"home-prices-in-saudi-arabia-continue-decline","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/home-prices-in-saudi-arabia-continue-decline\/","title":{"rendered":"Home prices in Saudi Arabia continue decline"},"content":{"rendered":"


\nHouse prices in Saudi Arabia’s biggest cities continued to decline in the three months to the end of June, as falling oil revenue continued to put pressure on the kingdom’s economy.For the longer term, the property broker JLL’s outlook was that the market should rebound if the country’s economic transformation plan works out.JLL’s data showed that villa prices in the Saudi capital Riyadh stood 5 per cent lower during the second quarter than they were during the same period a year ago, while apartment prices were 1 per cent lower.In Jeddah, the kingdom’s second city, year-on-year villa prices were down by about 4 per cent and apartment prices fell by 5 per cent.The number of housing transactions also fell by 5 per cent during the quarter, JLL said.Housing rents in Riyadh fell by about 1 per cent year on year. But in under-supplied Jeddah rents continued to rise as projects that had been expected to enter the market were delayed.JLL said the two-year slump in global oil prices had caused “a slowdown in performance”, which was expected to continue for the rest of this year. The news came as global oil prices suffered their worst monthly falls this month since last year. Brent crude fell to US$42.46 a barrel on Friday, 14.5 per cent lower than at the start of the month.According to official Saudi figures, oil accounts for 42 per cent of the country’s GDP.Office rents in Riyadh and Jeddah also fell slightly. JLL said average office rents in Jeddah sank by 1.5 per cent compared with a year earlier to 1,123 Saudi riyals (Dh1,099) per square metre. The property broker reported a similar decline in Riyadh.”The continuing slump in residential transactions shows the pace of demand growth is certainly now slowing,” said Jamil Ghaznawi, the head of JLL’s Saudi office.”Even though there is mounting strain on both markets currently, the markets are likely to recover in the foreseeable future as the Saudi government ambitiously takes new initiatives to stimulate the country,” he said.The government’s National Transformation Plan, announced on April 25, includes a target to double the contribution of the property industry to the country’s GDP to 10 per cent, as part of a wider plan to reduce Saudi Arabia’s dependence on oil.Official targets include plans to make it cheaper for Saudi nationals to buy their own homes by building more houses and providing grants and more easily accessible mortgages. Knight Frank estimates that 30 per cent of Saudis own homes compared with a global average of 70 per cent.The plan also includes measures to encourage economic diversification by allowing foreign companies to enter and invest in the kingdom.lbarnard@thenational.aeFollow The National’s Business section on Twitter
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\nSource : thenational.ae
\nRead more…Home prices in Saudi Arabia continue decline<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

House prices in Saudi Arabia’s biggest cities continued to decline in the three months to...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-21430","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-5zE","jetpack-related-posts":[{"id":11434,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/riyadh-housing-prices-expected-to-rise-after-two-years-of-decline\/","url_meta":{"origin":21430,"position":0},"title":"Riyadh housing prices expected to rise after two years of decline","date":"April 26, 2016","format":false,"excerpt":"\r House prices in the Saudi capital Riyadh seem to have bottomed out after the government took steps to ease the effect of strict mortgage caps introduced about two years ago.According to the property broker JLL, both house and villa prices remained relatively stable compared with the previous quarter, as\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":29265,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/uncertainty-hovers-over-saudi-arabia-residential-property-market\/","url_meta":{"origin":21430,"position":1},"title":"Uncertainty hovers over Saudi Arabia residential property market","date":"October 9, 2016","format":false,"excerpt":"\r House prices in Saudi Arabia will stutter over the coming year as investors and lenders wait out the effects of economic uncertainty and new government reforms on the kingdom's residential property market.Analysts at the Jeddah asset management and investment firm Alkhabeer Capital said that in the near term rental\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2857,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/saudis-forced-to-rent-after-rule-on-bigger-down-payments\/","url_meta":{"origin":21430,"position":2},"title":"Saudis forced to rent after rule on bigger down payments","date":"January 28, 2016","format":false,"excerpt":"\r \r Thousands of Saudis hoping to buy their own homes are being forced to rent because they can't afford to put down the large deposits required by new government regulations.Housing rents in the Saudi capital Riyadh grew 6 per cent in the year to November while in Jeddah, the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2090,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/shortage-of-saudi-homes-provides-scope-for-developers\/","url_meta":{"origin":21430,"position":3},"title":"Shortage of Saudi homes provides scope for developers","date":"January 21, 2016","format":false,"excerpt":"\r \r A shortage of homes avail\u00adable for Saudi Arabia\u2019s rapidly growing population means that there are opportunities for developers, despite the slowing economy.Several UAE developers and contractors have expanded in the kingdom in recent years, and although it is not always the easiest place to work, most remain positive\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":43837,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/abu-dhabis-residential-rents-to-continue-to-decline-in-2017\/","url_meta":{"origin":21430,"position":4},"title":"Abu Dhabi's residential rents to continue to decline in 2017","date":"February 12, 2017","format":false,"excerpt":"\r Housing rents in Abu Dhabi look set to continue plunging for the first half of 2017 amid continuing economic uncertainty, job losses and cost-cutting measures, property brokers forecast. Chestertons Mena says villa rents in Abu Dhabi fell by 10 per cent during 2016 while apartment rents fell by an\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":37112,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/high-end-villas-lead-fall-in-rents-across-abu-dhabi-says-cluttons\/","url_meta":{"origin":21430,"position":5},"title":"High-end villas lead fall in rents across Abu Dhabi, says Cluttons","date":"December 5, 2016","format":false,"excerpt":"\r Rents have fallen by 9.4 per cent across Abu Dhabi's residential investment areas since the start of the year according to new research. The decline outpaced a fall of about 5.2 per cent in the value of homes over the same period, according to a report from Cluttons. It\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/21430"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=21430"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/21430\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=21430"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=21430"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=21430"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}