Confirming what Amlak newspaper reported about its experts" expectations of the decline in real estate prices of various types with the beginning of the countdown to the implementation of value added, which will actually apply at the beginning of January 2018, residential apartment prices in Riyadh witnessed a decline of 4 % during the third quarter 2017 compared to the same period of the previous year, while villa sale prices decreased by 5 % during the same period.

In this regard, Village sale prices fell by 5 %

In this regard, , <span class="Apple-converted- JLL Group's Riyadh real estate market performance report for the third quarter of 2017. Rental prices for both apartments and villas decreased by 6 % and 4 % 4 % on التـــــــــــوالي during the third quarter of 2017 compared to the same period in 2016, due to the decline in apartment prices due to the increase in vacancies on the back of the departure of the families of some expatriates, as a result of the recently imposed fees.

Straight decline

JLL Group's Riyadh Real Estate Market Performance Report, according to JLL's Q3 2017 data, showed that rental prices for both apartments and villas decreased by 6 % and 4 % respectively during Q3 2017 compared to the same period in 2016.

Riyadh's real estate market performance report, according to JLL Group data for the third quarter of 2017.

The report attributed the decline in apartment prices to increased vacancies due to the departure of families of some expatriates, as a result of the recently imposed fees.

The total inventory of residential units reached 1.17 million units, with approximately 6,000 units expected to enter the market by the end of the year, but noted that at least 1,000 of these units will not be delivered before 2018.

The report attributed the decline in apartment prices to increased vacancies due to the departure of families of some expatriates, as a result of the recent fees.

Project delays

In terms of hotel rooms, JLL said the third quarter saw the completion of two projects, Centro Oasis and Swiss Spirit Hotel & Suites, which supports the commitment of private developers and international hotel operators to invest in the city.

JLL said the third quarter saw the completion of two projects, Centro Oasis and Swiss Spirit Hotel & Suites.

She expects about 1,300 hotel rooms to enter the market in the fourth quarter of this year, but believes that some projects may be delayed until 2018.

While she expects about 1,300 hotel rooms to enter the market in the fourth quarter of this year, she believes that some projects may be delayed until 2018.

Recruiter

The vacancy rate increased by 1% year-on-year to 16% in Q3 2016 and is expected to rise slightly over the next 12 months as demand slows and more supply is expected to enter the market.

The vacancy rate is expected to increase slightly over the next 12 months as demand slows and more supply is expected to enter the market.

He added that rents recorded a decrease of 4% compared to the last 12 months to reach an average rent of SAR 1244 per square meter, as demand shifted from new offices on the bone to previously leased serviced offices, as tenants seek to reduce capital expenditures.

Rents are expected to increase slightly over the next 12 months as demand slows down and more supply is expected to enter the market.

Administrative space

The third quarter saw the completion of about 67,000 square meters of office space, with no major projects expected to be completed during the fourth quarter of the year.

According to current plans, 650,000 square meters of office space is expected to be completed in 2018, but some projects are likely to see delays in completion until 2020 and possibly beyond.

According to current plans, 650,000 square meters of office space is expected to be completed in 2018.