‎Saudi Arabia’s real estate deals rise 1% to SAR 23.47 bln last month

‎Saudi Arabia’s real estate deals rise 1% to SAR 23.47 bln last month

The value of Saudi Arabia's real estate transactions grew by 1% to SAR 23.47 billion in February-March 2022 (Rajab 1443 Hijri year), compared to SAR 23.16 billion in the same period last year, Ministry of Justice data showed.

The real estate deals increased by 5%, or SAR 1.21 billion, month-on-month (MoM).

Accordingly, real estate transactions in February-March 2022 (Rajab 1443) hit their highest level in 20 months or since June-July 2020 (Dhul Qa’dah 1441)

The number of the real estate transactions during the same period stood at around 28,200, down from nearly 32,980 a year earlier. The number of properties sold also fell to 28,980 for the same period.

*Data is updated on a periodic basis, according to the Saudi Ministry of Justice.

The commercial real estate deals rose 18% year-on-year (YoY) to SAR 6.9 billion. The value of residential deals increased by 1% YoY to SAR 14.63 billion, while the agricultural and industrial deals were valued at nearly SAR 1.95 billion last month.

The residential deals represented 62.3% of total real estate deals last month, while commercial deals accounted for 29.4%, and agricultural and industrial deals represented 8.3%.

*Data is updated on a periodic basis, according to the Saudi Ministry of Justice.

Land sale transactions accounted for