The work of the Jeddah slums in Ghalil and other neighborhoods and the process of developing slums and the real estate stock exchange shows that according to real estate indicators, apartment prices rose at the fastest pace in five years.
The rise is expected and the increase instead of the decline of the last period, especially the Coronavirus pandemic and land prices have increased 100% and services have not reached them yet, and the exaggeration in the rents of residential units for apartments reached record numbers, and the rent for a three-room apartment reached more than 40 thousand riyals, while it did not exceed 18 thousand riyals months ago.
Real estate prices in general are subject to rise and fall according to the equation of supply and demand in the real estate and housing market and will continue to rise in light of the continuation of the work of the Jeddah Informalities Committee.
The removal of these informal settlements prompted some real estate dealers to raise prices due to the increased demand for housing units, but once the rehabilitation and development of these informal areas is completed, prices will return to stabilize at their normal rates and expected growth rates.
Real estate prices in general are subject to rise and fall according to the equation of supply and demand in the real estate and housing market.
Solutions
1- Visit the residential program and search for suitable and affordable offers.
1.
2- Search for several options and new neighborhoods east or north.
3- Follow the real estate and price indicators for neighborhoods and know the rental price for apartments and the platform is a service provided by five entities, the Ministry of Justice, the Municipality, the Ministry of Economy and Planning, the General Authority for Statistics and the General Authority for Real Estate
I conclude with a noble prophetic hadith in which I remind myself and my real estate colleagues:
(May Allah have mercy on a man who is generous when he sells, when he buys, and when he lends.)
(
Narrated by Bukhari
