Villa and apartment sales prices fell in Riyadh during the third quarter of 2018 by 3 % compared to the same quarter last year, , according to a report by Jones Lang LaSalle (JLL).

JLL's Riyadh Real Estate Market Report Q3 2018 showed.

JLL's Q3 2018 Riyadh Real Estate Market Report showed that apartment rental prices during this period recorded a decrease of 1%, while villa rental prices recorded a decrease of 2%.

JLL's Q3 2018 Riyadh Real Estate Market Report showed that apartment rental prices during this period recorded a decrease of 1%, while villa rental prices recorded a decrease of 2%.

The report indicated that Ijar contracts, which are legally binding and enforceable, are a positive addition and a catalyst for organizing the housing sector and establishing transparency in it. According to the report, the completion of a number of small detached villas and apartment buildings will contribute to increasing the total supply of residential units in the third quarter to 1.29 million units, with 7,000 units expected to enter the market during the fourth quarter of this year. Office rents declined by 4% to a weighted average rental rate of SAR 1,248 in Q3 2018, compared to SAR 1,297 in the same period last year. In terms of supply in the administrative space market, the report predicted that the fourth quarter of this year will witness a greater increase in supply, with the completion of about 153,000 square meters of planned projects. Regarding retail outlets, the report predicted that the future supply of the retail market will see an increase of more than 388,000 square meters of the total leasable area under construction. In terms of hotel supply, the report said that around 1,600 hotel rooms and 800 hotel apartments are expected to be completed by the end of this year. The average daily rate for a hotel room in Riyadh from the beginning of 2018 until the end of August was $173, a decrease of 6% compared to the same period of the previous year.