The Ministry of Construction mortgages the decline in real estate prices on the completion of new residential cities

Today, Saturday, the Ministry of Construction, Housing and Municipalities indicated the reasons for the significant increase in real estate prices, while confirming that the completion of new residential cities will lead to a gradual decline in real estate prices.
Ministry spokesman Nabil Al-Saffar said, "The real estate market is subject to the issue of supply and demand, and given that the country's need for housing is high and the presence of large capitals has caused trading in real estate, which has led to a very large increase in prices."
Al-Saffar added, "The effects of the decline in prices will appear after the completion of the construction of the new residential cities initiated by the government, and pumping thousands of housing units into the market will lead to their gradual decline."
He pointed out that "structural building materials are also subject to high demand, especially as the country is witnessing a major urban renaissance," stressing that "the responsibility for determining their prices is outside the scope of the work of the Ministry of Construction."