Saudi property prices hold up despite drop in sales
- Date: 28-Nov-2023
- Source: AGBI
- Sector:Real Estate
- Country:Saudi Arabia
Saudi property prices hold up despite drop in sales
The Saudi residential property market is beginning to take a hit from the economic slowdown caused by the kingdom’s oil production cuts. Yet according to figures published by real estate consultancy CBRE, prices remain resilient in the face of a fall-off in third quarter sales. A total 61,473 transactions took place in the third quarter, […]
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The Saudi residential property market is beginning to take a hit from the economic slowdown caused by the kingdom’s oil production cuts.
Yet according to figures published by real estate consultancy CBRE, prices remain resilient in the face of a fall-off in third quarter sales.
A total 61,473 transactions took place in the third quarter, down 7 percent on the same period in 2022. The total value of the transactions fell more than 11 percent to SAR45.9 billion ($12.24 billion), the group said.
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The number of mortgage contracts for the year to the end of the third quarter was down 37.5 percent on the previous year, while the total value registered fell by 38 percent to