Property prices in Saudi Arabia's capital Riyadh rose at their fastest pace in at least five years, according to a new report.
Apartment prices rose by 20 per cent on average in the past 12 months while villa prices were up 18.6 per cent, property consultancy Knight Frank said.
However, deal numbers have declined 27 per cent in the past year as households find themselves needing to save for longer before being able to transition to home ownership.
Transaction volumes across the kingdom fell to 60,000 during the first quarter, although total deal values receded by only 2 per cent to 40.4 billion Saudi riyals ($10.8 billion), reflecting the significant price growth
“The spectacular house price growth in the kingdom mirrors what we are seeing around the world,” said Faisal Durrani, partner and head of Middle East research at Knight Frank.
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