Al-Marsad newspaper: Realtors revealed that the real estate market in Al-Ahsa is currently witnessing an “economic” recession, as many real estate offices suffer from low sales volumes compared to previous periods.
The realtors said, according to Al-Watan, that prices have been almost fixed for more than 12 months in many neighborhoods and residential schemes, explaining that the price per square meter in the completed residential schemes in the cities of Hofuf and Al-Mubarraz, ranges from 1,350 riyals to 1,500 riyals. They expected that the coming days would witness a decline in the prices of some “new” housing schemes, not a collapse in prices, and they estimated the decline at rates ranging between 10% to 15%, especially in the peripheral neighborhoods (outskirts of cities and towns).
They pointed out that real estate developers bought “land” properties with large areas, at prices starting at 1,200 riyals per square meter, and built “duplexes” housing units with areas of 250 square meters to 350 square meters, and offered them during the last period at prices ranging from 1.25 million to 1.5 million riyals. million riyals, with expectations that these prices will be acceptable in the market, and expectations that they will decline to between 900,000 riyals to 1.2 million riyals as a result of being offered at prices higher than their real value.
Some neighborhoods of the capital, Riyadh, which had previously recorded the highest increases in real estate prices, witnessed a decline in those prices that reached 45%, as the price per square meter decreased from 6 thousand riyals to 3500 riyals, which indicates the beginning of an imminent decline in prices.