Building Material Prices Down 25percent In Saudi Arabia

The prices of building materials across Saudi Arabia have witnessed a 25 percent drop and are expected to decline further in the coming months, said a report.

Owing to this, the prices of housing units too are expected to come down, reported the Arab News, citing experts.
The steel prices fell globally to reach 20 percent at the end of 2014 and are likely to plunge further in the coming months, it added.
According to experts, the demand for building materials dropped by almost 50 per cent last year due to the low demand for housing units which caused a sharp disparity in supply and demand in the local market.
While citizens hope to see a further fall in the prices of housing units, many landlords will not respond to the new change in building material prices as they prefer to keep the prices at the current levels, they added.