A recent report issued by Jadwa Investment Company for the month of November revealed that real estate prices in the Kingdom stabilized at 0.5% during the third quarter of this year 2021, compared to the same quarter of last year 2020.

Commercial real estate prices recorded a slight decrease of 0.7% compared to last year 2020, while residential rental prices decreased significantly by 3.6% compared to last year.

He pointed out that residential real estate prices decreased by 0.3% during the third quarter of 2021, compared to the second quarter of the same year, and commercial real estate prices in the Kingdom decreased during the last quarter by 0.9%, compared to the second quarter of 2021.

In detail, real estate prices in the Makkah region stabilized at 0.2%, compared to last year 2020, supported by a rise in mortgage rates supported by government housing programs, the first annual increase since Q2 2018.

The report indicated that prices in the cost of living index for September stabilized by 0.6%, compared to last year, and by 0.2%, compared to August 2021, emphasizing that prices in the “housing and utilities” category continued to decline during September 2021.

According to the report, prices in the cost of living index stabilized in September by 0.6% compared to last year 2021, and by 0.2% compared to August, while prices in the “food and beverages” category increased by a slight 2.4% compared to September 2020.

The “Transportation” category recorded a rise of 5.9% y-o-y and 0.2% y-o-y, and the “Education” category saw its first slight increase since August 2020, at 0.5% y-o-y.