Al-Marsad newspaper: A member of the Saudi Economic Association, Abdul Hamid Al-Omari, expected a drop in real estate prices globally by the end of this year.
Al-Omari explained, through a tweet on his Twitter account, that the real estate markets in China and India are among the largest real estate markets in the world, noting that China in particular is one of the first real estate markets in the world whose prices have begun to correct and decline.
According to the Bank for International Settlements (BIS), Al-Omari expected that the price correction will begin in the rest of the markets by the end of this year, with the rise in interest and the withdrawal of liquidity to fight inflation.
Al-Omari pointed out that the rise or fall of real estate prices globally and historically is a major part of the nature of economies and markets, and in general it is the result of the interaction of many factors.
He stressed that it is not correct for some real estate developers to imagine that its decline is the end of the world, and that the past few years have increased, and there is no harm if it declines soon locally and globally due to the different factors.
The rise/fall of real estate prices globally and historically is a major part of the nature of economies and markets, and in general it is the result of the interaction of many factors
It is not true that some real estate owners imagine that its decline is the end of the world! The past few years have increased, and there is no harm if it decreases soon locally and globally due to the different factors!
This is life pic.twitter.com/UEf6eMvSJo
– Abdul Hamid Al Omari (@AbAmri) July 22, 2022