Residential Rents are Falling Fast in Some cities of Saudi Arabia
As per the Saudi Arabian Ministry of Housing's recently 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. AAccording to a report by Zawya, residential rents dropped by 7.9% in Jeddah, 3.8% in Makkah, and 0.6% in Riyadh, 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 rent through a government support program provided by the Ministry of Housing.
- Since the beginning of 2017, more than 667,000 expatriates have left Saudi Arabia because of new taxes on companies and expatriate families. See Also: Expats students goodbye to Saudi Arabia
- Some companies removed expats in order to pay fewer expat levy taxes every year, while some expats left on their own as they were unable to pay dependent tax, which is drastically increasing every year. Most Viewed: Indians still preferring to work in Saudi Arabia
- As the huge expat population left Kingdom, It is natural for houses in the real estate market 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.
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| Residential Rents are Falling Fast in Saudi Arabia |