Saudi Arabia's real estate market has been named the world's worst performer in the third quarter of 2018 compared to the year-earlier period.
According to Knight Frank’s Global House Price Index Q3 2018, average property prices in the Gulf kingdom fell by 3.7 percent over the past year.
Saudi Arabia was placed 57th out of 57 markets covered by the real estate consultancy and also saw declines of 2.9 percent and 2.1 percent over the past six and three months respectively.
Across the 57 countries and territories analysed, the average annual rate of growth was 4.9 percent, Knight Frank said, adding that the index has increased by 41 percent since its low in the second quarter of 2009.
Knight Frank said Hong Kong topped the list with an annual price growth of 15.7 percent, followed by Malta and Slovenia.
It added that the United States registered slowest rate of annual growth since the fourth quarter of 2016 while Asia-Pacific was the strongest performing world region over the 12 month period.
Of the 57 countries tracked, eight recorded annual price declines with Sweden falling into this camp for the first time in six years.
New Zealand, where a ban on non-residents purchasing existing homes came into force in July, saw annual price growth decline from 6.6 percent to 4.9 percent over the three months from June to September.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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