A number of tenants complained about the high rental prices in Riyadh, expressing their fears that they will continue to increase, according to a report published by Al Arabiya. According to Al Arabiya, Riyadh is still recording a remarkable rise in rental prices for apartments and houses, amid fears that they will continue in that way in the coming period.
Riyadh city is still recording a significant rise in rental prices for apartments and houses, amid fears that they will continue to increase in that way in the coming period.
A tenant, during his interview broadcast on Al-Arabiya, said that current rents are high compared to last year and vary from one area to another. He added that most of the landlords" arguments for raising the prices of rental values are not justified, noting that some link raising the price to building a group of projects nearby or compared to the rest of the tenants.
One tenant said that rents have increased compared to the past two years, while a landlord attributed the increase to the increase in population and businesses and the increase in demand for rents. Another landlord said that rents are increasing according to the market.
Omar Al-Awlaki, CEO of Satel Real Estate, said that there are 3 main factors for the rise in rents.
Apartment rents in Riyadh. Continuous rise and fears of further escalation - Saudi Arabia (@AlArabiya_KSA) August 3, 2024
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