Oct 1, 2017
REAL ESTATE MARKET IS MORE SOFTEN NOW THAN BEFORE FEW MONTHS
After a decades, For the first time in Saudi Arabia, Residential rents fell down as expats families left Saudi Arabia due to dependent tax effected from 1st July 2017.
An expat with single dependent member may continue to live in Saudi Arabia, But expats with 2 to 3 dependents left already and few are in plan to left before their iqama renewal.
- Most of the commercial and residential properties are already effected with the down fall of real estate market. Real estate agents are also facing issues to find the people who can rent the houses.
- Owners of residential buildings in Saudi Arabia slashed the rental rates by reducing 5 to 8% of rent for the apartments as it is empty currently.
- Last year the rents and the demand was very high compare to the current year said Real Estate agents, The main reason for declining the rents were expatriates leaving Saudi Arabia with families.
- Starting from the next year, The VAT tax is going to implement in Saudi Arabia which may lead expatriates into more trouble.
- Most of the people are saying that they have a plan to leave Saudi Arabia in a year or two years. Earlier expats use to call themselves a permanent resident of Saudi Arabia, Sadly now the situation is changed.
- The picture banner shows from one of the owner which is offering one month rent free to attract the people for renting it.