Riyadh – Mubasher: The retail and residential sectors in Saudi Arabia saw a negative performance in the first quarter of 2018, whereas office rents remained stable, JLL’s report revealed on Sunday.

Meanwhile, the kingdom’s hospitality sector witnessed a slight improvement in the three-month period ended March 2018, the report found, adding it could experience a downward pressure over the rest of the year.

JLL’s report further noted that prices of residential units saw steep drop, especially sale prices and rentals due to the continued departure of expatriates after the Saudi authorities have put additional levies into effect.

Prices of sold apartments in Riyadh fell 3.2% during Q1-18, compared to the year-ago period, while they declined 1.5% from Q4-17, according to the report. Number of sold villas rose 3% in Q1-18 versus Q1-17.

Apartments’ rents tumbled 5.1% in Q1-18 compared to the comparative period of 2017, while villas’ rents decreased 5.1%.

The GCC nation’s retail sector remained unchanged in the first three months of 2018 on the back of imposing the value-added tax (VAT).

In the same vein, the hotel sector’s performance saw a slight improvement in Q1-18, in line with a growth in average of daily prices by 3% from the January - February period to hit $198, compared to $192 a year before.