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Saudi property prices fall by up to 20%
Residential prices fall 10-20%, with the steepest declines in the capital Riyadh.
April 5, 2010 7:10 by kippreport
Residential property prices in Saudi Arabia fell by up to 20 percent in 2009, according to a report by CB Richard Ellis (CBRE) quoted by Maktoob.
Prices in Jeddah and Al Khobar/Dammam were down by 10-20 percent last year, with losses in the capital Riyadh of around 20 percent, CBRE said.
However, a new mortgage law is expected to stimulate “a surge in house-buying particularly in the middle-income sector which will further stimulate housing development,” CBRE said.