Saudi: Leasing Sector Rescues Real-estate Brokers from Ramadan Stalemate

  • 5/23/2018
  • 00:00
  • 5
  • 0
  • 0
news-picture

The low demand on properties due to the increase of fees affected the leasing sector of houses of different sizes and types. The sector of leasing houses achieved good results after an approximate stalemate in the purchase and selling. The impasse of purchases and selling caused the sector of real-estate and brokers’ offices to revive. Ramadan is preferred over other months because of the general calm climate in these days that push families to move out more often. Ibrahim al-Bunyan, owner of a real-estate office, said that there is an active movement in the properties proposed for renting in which many real-estate investors depend on the family moving during Ramadan to achieve revenues and compensate the recession that existed in the period previous to Ramadan month. Bunyan noted that the moving among rented houses in this month comes on top of real-estate investments especially that some hide their houses to present them for renting during the month of Ramadan to make use of the leasing movement. “The high demand didn’t raise the leasing prices but they remained as they are. Also, there remain a high demand on houses that are nearby schools,” he added. The condition of the market didn’t change since a long time in which it continued to suffer from a recession in the purchase and selling, however the moving that takes place in Ramadan every year pushes the market, he stated. The real-estate offices witness a huge increase in searching for houses, especially those near public services and major facilities. However, this didn’t cause a rise in prices, as usual.

مشاركة :