Prices of houses in Saudi Arabia have declined by 8% while land prices are down by 9%, Reuters reports.

Saudi Housing Minister Majed Bin Abdullah Al Huqail makes such an announcement at the opening of the Riyadh Real Estate and Urban Development Exhibition (RESTATEX), which kickstarted in Riyadh on April 23.

The Saudi housing ministry signed a set of local and international deals to supply additional housing units across a number of sectors, from high-quality to affordable units, with prices ranging from SAR 250,000 to SAR 700,000(USD 66,659 –  USD 186,647), Al Huqail adds.

The ministry has also signed deals with 30 property developers and is planning additional deals to supply more housing units across the kingdom, the Reuters report adds.

The property sector also witnessed growth during Q1 of 2017, which was higher than the same period last year, the minister said, citing information from the General Authority for Statistics.