Saudi Arabia's real estate market continued to be one of the world's worst performing in the last three months of 2017, according to new figures.
Knight Frank's Global House Price Index Q4 2017 ranked the Gulf kingdom 56th out of 59 property markets covered.
It said that prices in Saudi Arabia have dipped by 2.2 percent over the past 12 months. The index also said prices fell by 0.2 percent over the last three months but rose marginally by 0.2 percent over a six-month period.
Recently, analysts have pointed to rising residential market supply in key cities such as Riyadh and Jeddah, putting pressure on both sales prices and rents.
Only real estate markets in Ukraine (down by 5.1 percent), Peru (-4.2 percent) and Russia (-3 percent) performed worse year-on-year.
Knight Frank said prices on average increased by 4.6 percent in 2017, adding that house prices increased in 85 percent of the countries tracked last year.
Iceland (15 percent) and Hong Kong (13.7 percent) continued to lead the index but their rate of growth has slowed, it added.
The index’s more moderate rate of growth is reflected throughout the rankings. The gap between the strongest and
weakest-performing housing market has narrowed from 27 percentage points last quarter to 20.
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