A number of expatriates are sending their families back home following the imposition of the dependent’s annual fees which were implemented from July 1, 2017, resulting in many flats being vacated with no new tenants coming in.
Thamir Al-Qurashi, the owner of a real estate agency speaking to Makkah Daily about the current situation.
In the past, landlords would advertise their vacant buildings on social media but now they are seeking the help of the real estate offices
In the past few months, as soon as a tenant left, a new one would come to his place almost the same day. Even, on some occasions, the vacating tenant would recommend someone known to him to take the flat even before he vacates
The four-room flat which was rented for SR24,000 a year is now offered at SR22,000 or less,” he said.
Housing complexes that used to be rented at SR80,000 are now offered at SR60,000 or less.
Qurashi said the rent prices are expected to come further down as many expatriates will send their families and dependents to their respective homes.