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.
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. The report showed that 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.
Detailedly, real estate prices in the Makkah region stabilized at 0.2%, compared to last year 2020, supported by rising mortgage rates supported by government housing programs, which is the first annual increase since Q2 2018.
Real estate prices in the Makkah region stabilized at 0.2%, compared to the second quarter of the same year.
The report indicated that prices in the cost of living index for September stabilized at 0.6%, compared to last year and 0.2%, compared to August 2021, stressing that prices in the “housing and utilities” category continued to decline during September 2021.
The report touched on the stabilization of prices in the cost of living index 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 report touched on the stabilization of prices in the “food and beverages” category by a slight 2.4% compared to September 2020. The “Transportation” category recorded a rise of 5.9% year-on-year and 0.2% compared to August, and the “Education” category saw its first slight increase since August 2020, at 0.5% compared to last year.
With prices in the "Education" category rising slightly by 2.4% compared to August 2020, prices in the "Education" category increased by 0.5% compared to last year.
