Rental prices for villas and apartments in Riyadh during the first quarter of 2018 declined by 5.1 % compared to the same quarter last year.
According to JLL's report, according to data from the Ministry of Justice, the number of apartments sold in Riyadh increased by 15 % during the first quarter of 2018, compared to last year.Riyadh's rental prices declined by 5.1 TP3T during the first quarter of 2018.
Declining selling prices
Dependents are expected to increase by SAR 100 per dependent, to SAR 200, SAR 300 and SAR 400 in July of 2018, 2019 and 2020, respectively.
Families have the option to live in smaller apartments and studios.
Choices for Saudi families
The report said that the first quarter of the year is expected to be a good time to invest in residential assets across the Kingdom. <The report said that the first quarter of 2018 witnessed the completion of approximately 7,500 units, bringing the total inventory of residential units to 1,26 million units, and the major residential projects completed during this quarter included the Al Malqa project by Gulf Properties (148 apartments and 18 villas), the fourth phase of the Darlak project in the diplomatic neighborhood by Dur Hospitality Company (45 apartments and 41 villas), the Faten Lodge project by Joud Al Amara Contracting Company (33 apartments), Jumana Plaza project (65 apartments) and Al Khuzama Villas project by Al Bani Company (14 villas) These new completed projects are located in the northern neighborhoods of Riyadh (Al Malqa, Embassy Neighborhood, and Al Khuzama).
Increased supply of residential units
<According to the report, while some developers are increasing the supply of high-quality residential units, others are still focusing on the affordable segment of the market. Future supply in 2018 and 2019 is expected to be around 22,000 and 29,000 units, respectively. Projects likely to be completed this year include DAMAC Tower by Paramount (252 apartments), Al Bayt 53 Block 83 (235 apartments), DAMAC Escalusiva (189 apartments), Malaak Project (160 apartments), Upper Riyadh (85 apartments), Canary Al Khozama (54 villas), Meem Residence Tower (48 apartments), and Al Bani Sulaimaniyah mixed-use project (24 apartments). There was also a good demand for reservations in a number of housing projects announced by the Ministry of Housing, including Dawawin Al Jazeera (South Riyadh 4500 units), Gate of the East (East Riyadh 7000 units) and Diyar Al Saad (North Riyadh 577 units) and these projects are expected to increase the availability of affordable units in Riyadh, upon completion.
