Transactions in Saudi’s residential property sector take a hit
- Date: 08-Feb-2023
- Source: Consultancy ME
- Sector:Real Estate
- Country:Saudi Arabia
Transactions in Saudi’s residential property sector take a hit
Real estate consultancy CBRE has released its end-of-year macro environment analysis of Saudi Arabia’s residential property market, finding that while the total number of transactions dropped significantly, transaction value remained relatively stable due to markedly higher residential property prices.
During 2022, the total number of residential transactions in Saudi Arabia ended the year at 175,067, a drop of 25% compared to the year previous. Transactions fell across the three major regions, with volumes in Riyadh, Jeddah and the Dammam Metropolitan Area down 33.9%, 16.2% and 20.9% respectively.
Taimur Khan, Head of Research for MENA at CBRE, said that the fall in deals had to do with two main effects: lower purchasing appetite from households due to economic uncertainty and higher interest rates, and less investment hunger from institutional investors as they sought to rebalance their portfolios and spending.
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