The cost of a three-bed home in Riyadh can cost more than four times that of a similar property in Jeddah, a new real estate price index for Saudi Arabia has showed. A house costing on average SR292,500 in Jeddah will sell for close to SR1.6 million in Riyadh, a difference of 447 percent, the [...]
The cost of a three-bed home in Riyadh can cost more than four times that of a similar property in Jeddah, a new real estate price index for Saudi Arabia has showed. A house costing on average SR292,500 in Jeddah will sell for close to SR1.6 million in Riyadh, a difference of 447 percent, the new market data provided by Dubai-based Cityscape Intelligence (CI) revealed.
It said on Wednesday it was launching new statistics which not only compares real estate sales and leasing prices in eighteen areas across Jeddah and Riyadh, but also compares office and residential asset classes, tracking prices back to 2007. The index also showed that rental prices for apartments in Riyadh and Jeddah varied immensely.
For example rental prices of three bedroom apartments in Jeddah were on average SR24,000 per unit, while the same in Riyadh was SR52,000 per unit, a difference of 116 percent. “Choosing the right location could save potential investors thousands of dollars,” added Robertson.
The new projects database section on the index has more than 4,000 real estate projects with their status, construction value, completion date, and developer and contractors details listed. The database is updated weekly and covers projects from 2005 onwards in the Middle East, North Africa and India. (via arabianbusiness.com)
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