‎Saudi Arabia’s annual real estate deals rise 12% to SAR 221.5 bln, hit 6-year high

‎Saudi Arabia’s annual real estate deals rise 12% to SAR 221.5 bln, hit 6-year high

The value of Saudi Arabia's real estate transactions increased 12%, or SAR 24.3 billion, year-on-year (YoY) to SAR 221.5 billion over the year starting from Aug. 9, 2021 (1443 Hijri year), Ministry of Justice data showed.

The value of real estate deals hit the highest level in six years, or since 2015/2016 (1437 Hijri year), when it reached SAR 281.1 billion.

The number of the real estate transactions over the 12-month period stood at around 250,200, while the total real estate units sold was 260,700.

*Updated Data.

Real estate transactions increased over a nine-month period, recording a hike of 37% in Dhul Qa’dah and 35% in Jumada Al Awwal.

Meanwhile, the value of the real estate deals declined over the remaining three months, with a drop of 19% in Sha’ban.

*Updated data

Land sale deals represented nearly 87.8%, or SAR 194.35 billion, of total real estate deals over the 12-month period.

Land space grew 7% YoY to 2.91 billion square meters last year.

Riyadh saw the largest number of real estate deals at SAR 91 billion. It was followed by Jeddah with SAR 37.1 billion worth of deals.