Arab Today, arab today saudi apartment rents skyrocket by 30 this year
Last Updated : GMT 14:03:45
Arab Today, arab today
Arab Today, arab today

Saudi apartment rents skyrocket by 30% this year

Arab Today, arab today

Arab Today, arab today Saudi apartment rents skyrocket by 30% this year

Jeddah - Arabstoday

In a surprising move, rent prices for apartments and villas shot up by 30 percent, according to real estate experts. Experts say the rent hikes were due to rising costs of building and renovation, and the increase in the wages of workers in the construction and management of building. In Jeddah, for example, it is the central area that is the highest in rent rates. It is expected that the rents of apartments in the south and east of Jeddah to drop because the south is no longer desirable as it was in the past, especially due to frequent demolitions of buildings. Real estate experts expect apartment construction for low-income families to stop because of this unstable situation, as well at the volatile prices of building materials, rising wages in construction and high land prices. The price of construction has increased from SR 95 to SAR 130 per meter. According to real estate owners, the reasons for the increase in costs is a result of alterations and finishings for many of these apartments are redivided because of the demand on them. But others have different reasons, saying a three-bedroom apartment is rented for SR 20,000. “I was forced to leave the apartment I lived in for the past five years because of the rent that increased from SR 18,000 to SR 28,000 in less than two years, but I was surprised that everywhere was the same as the other rents were the same,” said Maqboul Hassan. “In Al-Naseem neighborhood the price rents varies from SR 27,000 to SR 40,000 and I couldn’t afford such prices because its much more than my montly salary,” he added. Rami Al-Abdalli lives in a small apartment in the same neighborhood and pays SR 30,000 but says his salary is also far below that as the rent jumped by SR 10,000. He wounders whether if anyone monitors these price increases. The problem of housing in the Kingdom began with the prosperity age of the 1970s. Many schmes began such as “fast residencies” and “comprehensive residencies” with the different govern authorities taking their fair share of responsibility in the expansion of house construction. The military as well built houses for its personnel and forces. In 1991, the cost of these housing projects around the Kingdom was SR 126 billion. In Riyadh, there was 39 projects, 16 in Makkah, and 17 in the eastern province. In 2003-2006 the real estate market witnessed a regression in construction because of the capital that went to the stock market that produced 100 percent profit, which vanished by 2006, and then the market was hit by the world economic recession of 2008. And for the first time inflation in the Kingdom rose by 11 percent over and above rents and foodstuffs especially. This lead to the absence of any mechanism to stand against high rents in the past five years. From : Arab News

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today saudi apartment rents skyrocket by 30 this year Arab Today, arab today saudi apartment rents skyrocket by 30 this year

 



Arab Today, arab today
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success
View News in Arabic - Business: عقارات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday