Real Estate Prices in Saudi Arabia: Truth vs Social Media Rumors

Al-Marsad Newspaper: A content maker revealed the truth about the collapse of real estate prices in the Kingdom, by up to 70 or 80%, indicating that the real estate market on the ground differs from the social media market.

The real estate specialist explained that the real estate market is divided into two parts, the social media market, in which it is rumored that the real estate has completely collapsed by 70, 80%, while the real estate market differs.

He pointed out that the lands on the outskirts of the cities have a decrease of 30 to 40%, saying: “Some people bought these lands for 200 thousand riyals, 3 or 4 years ago, and they have now reached one million or one million and 200 thousand, and now their price has decreased to 800 or 700 thousand.” , stressing that the decrease is in the earnings and not in the capital.

He pointed out that villas and residential real estate products have a decrease of 30% or 40%, adding, “Even there are people who want to sell with capital what the customer gets,” noting that what is said about the decrease of lands by 60 or 70% is incorrect.

The real estate specialist concluded his speech by pointing out that the serviced lands in the middle of the old neighborhoods have decreased in price, but slightly, by about 10 or 20% as a maximum. And he advised to seize these opportunities and buy at times of recession, saying: “My advice, the time of recession is the time of opportunities. If something suitable happens, do not wait. It is possible that after a while the opportunity that I saw today will happen.”

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2023-06-05 21:08:00
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