While most of the worlds property markets have registered an annual increase in property prices, Saudi Arabia’s has registered a decrease.
According to Arabian Business, Saudi Arabia’s property market was one of only seven worldwide to register price declines in the second quarter of 2018 compared to the year-earlier period amongst the countries surveyed.
The revelations came as part of the Knight Frank Global House Price Index that surveyed 57 markets worldwide.
They mentioned in their report that the property market in Saudi Arabia saw a 1.3 percent fall in prices during the year till June.
On the other hand, the global average increase was 4.7 percent for the same period.
The second quarter of 2018 in particular recorded a 0.8 percent decrease making the Saudi real estate market rank 55th amongst the 57 markets surveyed.