Saudi Arabia’s Real Estate Market was one of only seven worldwide to show annual price declines in 2Q 2018, according to results released by the Knight Frank Global House Price Index as reported in ArabianBusiness.com.
The property market in Saudi Arabia saw a 1.3 percent fall in prices in 2Q 2018, compared with a global index increase of 4.7 percent. Prices in the Gulf kingdom also declined by 1.5 percent in the six months to June and by 0.8 percent during the second quarter itself, Knight Frank’s data revealed.
The country was also ranked 55th out of 57 markets analyzed.
In June, Saudi Arabia’s Public Investment Fund-backed mortgage company, the Saudi Real Estate Refinance Company (SRC), said it was close to rolling out new funding to the Kingdom’s lenders to boost home ownership in Saudi Arabia.
Saudi Arabia’s housing ministry has set a target for the mortgage market to reach a total value of 502 billion riyals ($134 billion) by 2020 from a current 290 billion riyals ($77.3 billion).