The profits of the Saudi real estate market declined during the first seven months of this year, with a total value of 27.5 percent, to stabilize the total transaction value real estate at 122.3 billion riyals, compared to SR 168.7 billion for the same period last year, which is more than SR 46 billion, as published by "Economic".A comparison of total real estate market transactions took place during the first seven months of this year and the same period of the year 2014 any local real estate market peak, which then reached SR 273.8 billion during the same period. The real estate market showed heavy losses of 151.5 billion riyals, or 55.3 percent (the housing sector fell by 55.5 percent and the trade sector fell 55 percent).Total real estate transactions declined during the first seven months of this year, compared to the same period last year by 5.5%, and the decline compared with the same period in 2014 to 31.3%.One of the main factors influencing the real estate market is the decline in oil prices by approximately 58.3% during the period from mid-2014 to the present, and the continuation of that decline over the following years. Government oil revenues decreased by 63.5 per cent during the period 2014-2016, as a direct result of the decline in oil prices. In addition, the annual growth rate of domestic liquidity has slowed to its lowest levels over the past two decades (1.5% in June 2017) and the registration the annual growth of bank credit during the same period of negative growth rate (-1.4% in June 2017), according to the "economic" report.Along with the launching of the largest structural reform of the national economy within the "Vision 2030", which aims to transform the national economy from overdependence on oil as a single source of income, to an economy based on a diverse and multiple production base, these transformations are expected to eliminate most of the structural distortions domestically, primarily the monopolization and speculation of land.
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