Riyadh City
The prices of luxury residential units in Riyadh decreased by 3.3% year-on-year (YoY), according to a recent report by Knight Frank titled “Prime International Residential Index 2020”.
The company indicated that the index, which measures unit prices in 100 cities around the world, saw an increase of 1.9% during 2020, compared to an increase of 1.8% in 2019.
The report showed that 29% of the cities on the index witnessed a YoY decline in prices during 2020. Demand for housing units was local due to travel restrictions around the world, in addition to units in the countryside, mountains and sea fronts also witnessed strong demand.
The volatile conditions with regards to travel visas and tax policies affected decisions.
Auckland in New Zealand ranked first on the index, with a rise of 17.5% YoY in 2020, followed by Shenzhen in China with a 13.3% YoY increase.
|
Top 10 cities with highest increase on Prime International Residential Index 2020 |
|
|
City |
Ratio |
|
Auckland - New Zealand |
+17.5% |
|
Shenzhen – China |
+13.3% |
|
Seoul - South Korea |
+11.7% |
|
Manila – Philippines |
+10.2% |
|
Moscow – Russia |
+9.9% |
|
San Diego - United States |
+9.1% |
|
Aspen - United States |
+9.0% |
|
Saint Petersburg - Russia |
+8.7% |
|
Shanghai – China |
+8.5% |
|
Vancouver – Canada |
+8.1% |
Regarding the Arab cities included in the report, prices stabilized in Abu Dhabi, but fell in Doha by 6.0%, in Dubai by 5.9%, and in Marrakech by 3.3%.
|
Price changes in Arab cities on Prime International Residential Index 2020 |
|
|
City |
Change YoY |
|
Abu Dhabi – UAE |
-- |
|
Riyadh - Saudi Arabia |
(3.3%) |
|
Marrakech – Morocco |
(3.3%) |
|
Dubai – UAE |
(5.9%) |
|
Doha – Qatar |
(6.0%) |
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