Saudi Arabia to see decline in real estate prices this year
- Saudi Arabia: Monday, January 14 - 2013 at 04:32
The real estate committee of Saudi Arabia's Eastern Province Chamber has said real estate prices will decline in 2013, despite the growing need for more housing in the kingdom, Arab News has reported. This real estate market has recorded a 150% rise in some areas of the kingdom during the past four years, said the head of the committee, Ayed Al-Qahtani. "Residential units still fall short to cover the demand in the kingdom. The market here needs more than 300,000 units, against the 120,000 units provided by developers annually," he said.
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