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Jeddah tops Saudi real estate deals in Q3

Total value increased more than 100 per cent compared with the second quarter, reaching SAR21bn.

For the first time in years, Jeddah topped the real estate movement in Saudi Arabia in terms of the value of deals during the third quarter of this Hijri year.

The value of deals increased more than 100 per cent compared with the second quarter of this year 1436 AH (24 October 2014 to 13 October 2015), reports London-based Asharq Al-Awsat.

The value of real estate deals in the city of Jeddah during the third quarter of the current Hijri year amounted to nearly SAR21 billion, compared with SAR11bn in the previous quarter.

This comes at a time when the value of deals in other Saudi cities moved by simple percentages. Lands accounted for more than 95 per cent of the total real estate movement.

Real estate experts reveal that there is an active movement in the number of deals, which is affecting the total value.

The value of real estate deals concluded in the city of Jeddah outperformed other Saudi cities over the past months, according to an Asharq Al-Awsat analysis, citing the real estate index of the Ministry of Justice in the country.

For his part, Mohammed Saeedan, a real estate expert, says: “Riyadh, over the years, topped the real estate group at the level of Saudi Arabia, particularly the residential sector, but the new thing is Jeddah surpassing in terms of the value of deals, especially after achieving more than SAR7bn.”

He adds: “This means that there are new changes that may occur, such as the emergence of new cities in the future that may replace Riyadh, which has been topping the general movement of the property.”

(SAR1 = AED0.98, at the time of publishing)