Broad and tangled lines surrounding the reality of the real estate market today and dense contradictions that led to darkness in the decision-making of buyers in front of the abundant supply but unfortunately does not satisfy the desires of the demand; especially in the residential sector, which has become a puzzling mystery in the eyes of many specialists, because the abundance of supply requires a drop in prices and the demand to buy, says otherwise, as prices still refuse to fall despite the attempts of real estate developers and the Ministry of Housing Specialists, because the abundance of supply requires prices to fall and the demand to buy, says otherwise, as prices are still stubbornly refusing to fall despite the attempts of real estate developers and the Ministry of Housing, which set a ceiling for its residential products of 750 thousand riyals to a maximum of maximum.
The off-plan sales program was highly relied upon to increase the number of sales in the market and contribute to solving the housing crisis more than booking on paper engineering designs and models that attract citizens and salivate for those who dream of safe housing that relieves them from the embarrassment of landlords and rent bills, while there are many stalled projects and no one knows how many there are and why they stopped working, which adds to the confusion of the real estate scene.
A familiar and audible scene in the real estate councils is the inability of the citizen to buy his housing unit without direct support from the Fund, despite the decrease in the down payment from 30% to 10% and with the citizen's urgent need for support, we find a large number of beneficiaries asking to postpone their loans; because they do not trust the market and at the same time they cannot adapt to the high financing costs.
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As for the buying and selling movement, we find a movement in the sale of small ready-made villas characterized by the golden price (less than one and a half million) and the rental market decreased in some areas to more than 60%, especially in neighborhoods inhabited by foreigners who began the season of returning to their countries as a result of economic changes and new regulations, while northern neighborhoods and other high-end neighborhoods decreased rental prices within 30%, while some neighborhoods maintained the prices and rents of apartments.
The real estate market now needs a real database that helps to remove the distortions that surround it and distance the sector from the false rumors launched by some on social networking sites, which greatly harmed owners and buyers, and missed major investment opportunities, and led to the reluctance of businessmen and real estate to keep pace with the market and this does not negate the great and positive role played by auctions in clarifying the real picture of the market and enhancing the desire to buy.
