The prices of land in three planned districts in Jubail - Al-Dhahiya, Al-Khazzan and west of Al-Mazarea - have dropped by up to 50 percent. According to Rashed Bin Khamis Al-Bou'ainain, a real estate dealer, the drop in prices has not affected the whole governorate, as there is activity in the real estate business in other planned districts. The residential units were not greatly affected greatly, he said, adding that there is demand for them. However, the real estate owners seek high prices from industrial companies who may rent them. He said it was the prices of plots of land that were affected. Industry sources said many of them have been affected by their losses in the stock market and have no sufficient cash. Al-Bou'ainain attributed the changes in prices of residential real estate to some companies announcing the postponement of their projects, adversely affects their employees, which created ripples in residential real estate. He further said prices in Jubail Industrial City have not changed as there is a demand for residential units by employees of industrial companies. He added that the demand for residential units in the city is much higher than supply, resulting in the doubling of prices compared to five years ago. Nasser Al-Haddad, owner of a real estate office, said “getting a residential unit or apartment in Jubail Al-Sinaia has become extremely difficult due to the great demand by employees of companies interested to stay in the city.”
