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- RESIDENTIAL RENTS ARE FALLING FAST IN SAUDI ARABIA
Posted by : Aahil Shaik Friday, August 10, 2018
RESIDENTIAL RENTS ARE FALLING FAST IN SOME CITIES OF SAUDI ARABIA
As per the Saudi Arabian Ministry of Housing recent released report data, residential rent prices have dropped in the various cities of the Kingdom of Saudi Arabia. Trending : Year wise Dependent tax on expat families living in Saudi Arabia
It may be good news for some but not for many, According to the report of Zawya, residential rents in Jeddah dropped by 7.9%, In Makkah by 3.8% and in Riyadh by 0.6% excluding utilities and other housing costs. Recommend : Year wise expat levy on companies in Saudi Arabia
- However, This is not the case in some cities as they saw an increase in rental prices, In Madinah the residential rents increased by 1.7% while in Dammam rents increased by 17.9%.
- It seems the drop in rental costs will continue until the end of this year, real estate in Saudi Arabia is going through an important phase that led to lower rents of housing units. Read : Saudi foods & drugs authority calls all restaurants to display calories in food menu
- This may be a transformation stage for some citizens as they can become owners of houses without paying rents through government support program provided by Ministry of Housing.
- Since the beginning of the year 2017, more than 667,000 expatriates left Saudi Arabia because of new taxes to the companies and to the expatriate families. See Also : Expats students goodbye to Saudi Arabia
- Some companies removed expats in order to pay less expat levy taxes every year, while some expats left on their own as they are not able to pay dependent tax, which is drastically increasing every year. Most Viewed : Indians still preferring to work in Saudi Arabia
- As the huge expats left Kingdom, It is natural for houses in the real estate to see a price drop, as demand falls significantly. However, As per statistics, the jobs vacated by expats are still unoccupied, as the nationals are looking only for good paying jobs.