Sale Prices of Apartments in Jeddah Fell 10% and rents 9%

Residential and villa sales in Jeddah declined by 10% and 0.5% respectively in the third quarter of this year compared with the same period last year.

According to the Jeddah Real Estate Market Performance Report, one of the global investment and real estate consultancy groups, villa sales rose more than 1% compared to the second quarter of 2017, while apartment sales fell by 2%.
The report revealed that rents for apartments and villas in Jeddah declined by 9% and 4% respectively in the third quarter of this year compared to the same period last year, while prices fell slightly compared to the second quarter, by 0.5% and 0.3%.

The report predicted that rents will remain relatively stable, noting that the new restrictions and fees to be applied to expatriate workers in the Kingdom may limit the demand for residential apartments in Jeddah, which will put downward pressure on rents.