As a number of expatriates sending back their families to home following the imposition of the dependents annual fees which implemented from July 1, 2017, resulting in many apartments being vacated with no new tenants coming in.
Thamir Al-Qurashi, an owner of a real estate agency speaking to Makkah Daily about the current situation.
In the past, the landlords would advertise their vacant buildings on the 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 in his place almost the same day. Even, on some occasion, the vacating tenant would recommend someone known to him to take the apartment even before he vacates
The four-room apartment which was rented for SR24,000 a year is now offered at SR22,000 or less,” he said.
housing complexes which were 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.