(MENAFN) The real estate sector in Saudi Arabia has declined by 6.1 percent in 2016 compared to 2015 and a drop of 8.5 percent compared to 2014.
Accordingly, the sector has been classified into three subcategories, the first is housing which dropped by 7.4pct, the second is investment at 12.3pct and the third is agriculture at 1.1pct.
Moreover, the prices are projected to drop more with the implementation of fees on empty lands which will be issued after three months as investors will pay 2.5 of the value of the land.
The prices of a villa in Obhur fell from SR1.7mn to SR1.3mn at present, while the recent prices are reasonable.
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