‎Saudi Arabia’s real estate deals drop 16% to SAR 184.42 bln in 1444

‎Saudi Arabia’s real estate deals drop 16% to SAR 184.42 bln in 1444

The value of Saudi Arabia's real estate transactions declined 16% year-on-year (YoY), or SAR 36.2 billion, to nearly SAR 184.42 billion in 1444 Hijri year, the Ministry of Justice data showed.

This is the first decline in the value of real estate transactions since 1440 Hijri year, the data showed.

The number of real estate transactions over the 12-month period reached around 175,900. Meanwhile, the total real estate units sold stood at 182,000.

*Updated data.

The value of real estate transactions declined in all months, except for three months, namely Dhul Hijjah (33%), Safar (11%) and Rabi Al Thani (4%).

Shawwal came on top in terms of decline in real estate transactions at 41%, followed by Rajab with 40%.

*Data is updated periodically as per the Ministry of Justice.

Land sale deals accounted for 85.4% of total real estate deals, followed by apartment transactions at 10.2%.

Land space fell 57% YoY to 1.26 billion square meters (sqm) last year.

*Updated data.

Riyadh witnessed the highest number of real estate deals at SAR 73.81 billion, followed by Jeddah at SAR 26.91 billion.