Brokers and real estate consultants have clarified the features of the real estate market during the last period since the start of the new Corona pandemic, stressing at the same time the decrease in the value of rents for some apartments.
Real estate broker Thamer Al-Qurashi said, according to Makkah newspaper, that the residents' exit in conjunction with the Corona pandemic led to a reduction in demand for apartments, and an increase in the supply of them, especially in three and four-room apartments, which ultimately supported the reduction of their rental values.
For his part, real estate consultant Omar Al-Suleiman confirmed that there is a demand for apartments for ownership, and a slight demand for the purchase of land, adding that this situation contributed to the tenant obtaining price offers.
In the same context, a member of the Real Estate Committee of the Council of Chambers, Engineer Hussein bin Rajeh, mentioned another reason for reducing rents, which is that the state continues to support housing construction despite the Corona crisis, which enhances the opportunities for citizens to transform from tenant to owner, and thus the supply of housing units increases
