Al-Marsad Newspaper: The real estate specialist, Majed Al-Orabi, revealed the decline in real estate prices in the Kingdom, particularly in Riyadh.
Al-Orabi said, in a video clip posted on his account with the “Tik Tok” app: “The 4-fold increase in bank interest has greatly affected the real estate market.”
He stressed: “Real estate has fallen by 30%, according to the index of the Ministry of Justice”, noting: “A drop in property prices in northern Riyadh, such as Narcissus and Al-Arid, and the price per meter square decreased from 4,500 riyals to 3,700 riyals. “
He continued: “It will not become a collapse in property prices,” noting, “People who buy a million-dollar property and the least impact on it is simple, because the housing units of 500,000 riyals are fully subsidized.”
And he concluded: “People who buy a housing unit for 500,000 riyals will not be paid, and not even a single riyal interest.”
https://www.youtube.com/watch?v=mFsmHf8gKdw
