{"id":16360,"date":"2017-07-08T13:37:06","date_gmt":"2017-07-08T10:37:06","guid":{"rendered":"http:\/\/www.amlak.net.sa\/?p=16360"},"modified":"2017-07-08T13:37:06","modified_gmt":"2017-07-08T10:37:06","slug":"%d8%a5%d9%86%d9%81%d8%a7%d9%82-%d8%b9%d8%b4%d8%b1%d8%a7%d8%aa-%d8%a7%d9%84%d9%85%d9%84%d9%8a%d8%a7%d8%b1%d8%a7%d8%aa-%d9%81%d9%8a-%d8%aa%d8%b1%d9%85%d9%8a%d9%85-%d9%88%d8%aa%d8%ad%d8%b3%d9%8a%d9%86","status":"publish","type":"post","link":"https:\/\/amlak.net.sa\/en\/16360\/","title":{"rendered":"Tens of billions have been spent on housing renovation and improvement over the past two years"},"content":{"rendered":"

Reached\u00a0 <\/span>The volume of consumer loans allocated to renovate and improve homes during 2015 and 2016\u00a0 <\/span>Around 123 billion riyals and 129 billion riyals, before starting to decline at the end of the last quarter of 2016 to a limit of 29 billion riyals, this was shown by the data.\u00a0 <\/span>The Saudi Arabian Monetary Agency has led to a decrease in maintenance supplies and rents in the residential sector.<\/p>\n

Multiple loans <\/b><\/p>\n

According to data from the Saudi Arabian Monetary Agency, loans earmarked for the renovation and improvement of residential real estate accounted for 7 percent of the total consumer loans obtained by individuals. These include residential loans, in addition to loans for the renovation and improvement of housing, car purchases, healthcare, travel, education, the purchase of furniture and durable goods.<\/p>\n

342 billion riyals<\/b><\/p>\n

The Central Bank stated that the volume of consumer loans allocated to individuals by the banking system reached 342 billion riyals between 2010 and 2016; according to the data, this variety of loans grew at an annual rate of about 0.25 percent over the twenty-eight quarters from the beginning of 2010 to the end of 2016.<\/p>\n

The data revealed that the volume of these loans has more than tripled over six years, rising from 12 billion riyals at the beginning of 2010 to 37 billion riyals at the end of 2015. This growth is especially significant in the last two years, due to the decline in construction materials prices and the reduction in the costs of maintenance and installation work associated with the construction and building sector.<\/p>\n

Housing prices decline in terms of rent and maintenance<\/b><\/p>\n

On another note, reports from the General Statistics Authority indicated a decline in the index of housing supplies, including rent, maintenance, and services, by 0.7 percent in the first quarter of 2017, compared to the last quarter of 2016. This decline included most of the figures related to the housing sector, such as the maintenance of homes, water, and other services related to housing, such as sewage and cleaning.<\/p>\n

The latest edition of this index showed that the index of real estate prices in all types decreased by 2.3 percent between the first quarter of 2017 and the last quarter of 2016; this decline had started since 2014 and reached 9.9 percent during the past year (first quarter of 2017 compared to the first quarter of 2016); this decline in the general index of real estate prices for the first quarter of 2017 compared to the last quarter of 2016 is attributed to the decline in real estate prices in the commercial sector (1.8 percent), in the residential sector (2.6 percent), and in the agricultural sector (0.3 percent).<\/p>\n

Lower prices \u00a0<\/b>Residential real estate<\/b><\/p>\n

At the level of the residential sector, the index of prices of residential real estate as a whole recorded a decline of 9.5 percent during the past year, and a 2.6 percent decline during the first three months of the current year (2017), and this decline included all types of residential real estate, from land, buildings, villas, apartments, and popular houses; however, the most significant decline during the first quarter of 2017 compared to the last quarter of 2016 was recorded in the prices of residential apartments by 3 percent, followed by residential lands by 2.4 percent, while the decline in the prices of buildings, villas, and popular houses did not exceed 1 percent.<\/p>\n

Statistics on real estate transactions recorded by the Ministry of Justice showed that the average price per square meter of residential land sold in the first quarter of 2017 was 376 riyals, while the price per square meter of residential apartments was 2328 riyals. Prices for villas saw a significant decline in the first quarter of 2017 compared to their prices in the last quarter of 2016, with the average price per square meter moving from 1824 riyals to 1560 riyals, which corresponds to a decrease of nearly 15.5 percent. These declines are the result of several regulatory measures issued by the government, which aimed to strengthen the financial balances of the state, control government spending, and develop non-oil resources in line with the objectives of the Saudi Arabia Vision 2030.<\/p>","protected":false},"excerpt":{"rendered":"

Reading time: <\/span> 2<\/span> Minutes<\/span><\/span>The volume of consumer loans allocated for home renovation and improvement during 2015 and 2016 amounted to approximately 123 billion riyals and 129 billion riyals, respectively, before beginning to decline toward the end of the fourth quarter of 2016 to 29 billion riyals, according to data from the Saudi Arabian Monetary Authority (SAMA). This was accompanied by a decline in maintenance costs and rents in the residential sector. Multiple loans \u2026 Read more<\/a><\/p>","protected":false},"author":10,"featured_media":16361,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_seopress_robots_follow":"","_seopress_robots_imageindex":"","_seopress_robots_snippet":"","_seopress_robots_primary_cat":"0","_seopress_robots_breadcrumbs":"","_seopress_robots_freeze_modified_date":"","_seopress_robots_custom_modified_date":"","_seopress_robots_canonical":"","_seopress_social_fb_title":"","_seopress_social_fb_desc":"","_seopress_social_fb_img":"","_seopress_social_fb_img_attachment_id":0,"_seopress_social_fb_img_width":0,"_seopress_social_fb_img_height":0,"_seopress_social_twitter_title":"","_seopress_social_twitter_desc":"","_seopress_social_twitter_img":"","_seopress_social_twitter_img_attachment_id":0,"_seopress_social_twitter_img_width":0,"_seopress_social_twitter_img_height":0,"_seopress_redirections_value":"","_seopress_redirections_enabled":"","_seopress_redirections_enabled_regex":"","_seopress_redirections_logged_status":"","_seopress_redirections_param":"","_seopress_redirections_type":0,"_seopress_analysis_target_kw":"","_seopress_news_disabled":"","_seopress_video_disabled":"","_seopress_video":[],"_seopress_pro_schemas_manual":[],"_seopress_pro_rich_snippets_disable_all":"","_seopress_pro_rich_snippets_disable":[],"_seopress_pro_schemas":[],"amlak_video_sent":"","footnotes":""},"categories":[100],"tags":[],"class_list":["post-16360","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-residential"],"acf":{"amlak_post_excerpt":"","amlak_post_excerpt_source":{"label":"Amlak post excerpt","type":"text","formatted_value":""}},"featured_image_urls":{"full":["https:\/\/amlak.net.sa\/wp-content\/uploads\/2017\/07\/jnldl.jpg",800,480,false],"thumbnail":["https:\/\/amlak.net.sa\/wp-content\/uploads\/2017\/07\/jnldl-150x150.jpg",150,150,true],"medium":["https:\/\/amlak.net.sa\/wp-content\/uploads\/2017\/07\/jnldl-300x180.jpg",300,180,true],"medium_large":["https:\/\/amlak.net.sa\/wp-content\/uploads\/2017\/07\/jnldl-768x461.jpg",768,461,true],"large":["https:\/\/amlak.net.sa\/wp-content\/uploads\/2017\/07\/jnldl.jpg",800,480,false],"1536x1536":["https:\/\/amlak.net.sa\/wp-content\/uploads\/2017\/07\/jnldl.jpg",800,480,false],"2048x2048":["https:\/\/amlak.net.sa\/wp-content\/uploads\/2017\/07\/jnldl.jpg",800,480,false],"trp-custom-language-flag":["https:\/\/amlak.net.sa\/wp-content\/uploads\/2017\/07\/jnldl.jpg",18,12,false],"event-thumbnail":["https:\/\/amlak.net.sa\/wp-content\/uploads\/2017\/07\/jnldl-300x200.jpg",300,200,true],"event-medium":["https:\/\/amlak.net.sa\/wp-content\/uploads\/2017\/07\/jnldl-600x400.jpg",600,400,true],"event-large":["https:\/\/amlak.net.sa\/wp-content\/uploads\/2017\/07\/jnldl.jpg",800,480,false],"event-hero":["https:\/\/amlak.net.sa\/wp-content\/uploads\/2017\/07\/jnldl.jpg",800,480,false]},"author_info":{"info":["\u0627\u0645\u0644\u0627\u0643 \u0627\u0644\u0639\u0642\u0627\u0631\u064a\u0629"]},"category_info":"\u0633\u0643\u0646\u064a<\/a>","tag_info":"\u0633\u0643\u0646\u064a","comment_count":"0","_links":{"self":[{"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/posts\/16360","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/comments?post=16360"}],"version-history":[{"count":0,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/posts\/16360\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/media\/16361"}],"wp:attachment":[{"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/media?parent=16360"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/categories?post=16360"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/tags?post=16360"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}