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Saudi property market hit by expats leaving

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As a number of expatriates have opted to send their families back home following the imposition of the dependents’ annual fees beginning July 1, resulting in many houses and apartments being vacated with no new tenants coming in.

Speaking to Makkah daily on Monday, a number of realtors said it has become a usual scene to see signboards erected on the buildings announcing vacant apartments for rent.

“These days landlords are approaching us to rent their vacant buildings. In the past this had never happened,” said Thamir Al-Qurashi, an owner of a real estate agency.

He said in the past, the landlords would advertise their vacant buildings on the social media but now they are seeking the help of the real state offices.

“As soon as a tenant left, a new one would come in his place almost the same day. Even, on some occasion, the vacating tenant would recommend someone known to him to take the apartment even before he vacates,” he added.

Qurashi said the fall in the prices began about six months ago when the expatriates accepted the fact that the government was serious in imposing the fees and that they would have to face the brunt of it.

“The four-room apartment which was rented for SR24,000 a year is now offered at SR22,000 or less,” he said.

Qurashi said the rent prices are expected to come further down as many expatriates will send their families and dependents to their respective homes.

“When a father sends his family home, he will not need a big apartment so he will vacate and the apartment will be vacant waiting for a new tenant who may never show up,” he said.

He also said the housing complexes which were used to be rented at SR80,000 are now offered at SR60,000 or less.

Source credit – Saudi Gazette

Full article: http://saudigazette.com.sa/article/514683/SAUDI-ARABIA/Expat-dependents


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