The value of real estate deals in Saudi Arabia’s Dammam city since the beginning of the current Hjri month of Dhu al-Qi’dah (which started on August 16) stood at SAR1.8 billion.
More than 1,250 property deals have been finalised so far, including 949 plots of land, 246 apartments, 24 shops, 27 agricultural plots of land and one house, according to figures released by the Ministry of Justice.
The data, published by Al Youm, indicates that roughly 85 per cent of the deals involved commercial-use properties, while the remaining 15 per cent were residential use.
The value of real estate deals in the capital city of Riyadh amounted to SAR8.6bn.
Saudi Arabia is considered the largest real estate market in the Middle East, with a market value of SAR1.3 trillion and is expected to hit a massive SAR1.5trn in the next few years.
According to government data, approximately SAR200bn is being circulated in the kingdom’s real estate market. The local market needs more than 200,000 housing units by 2020.
The housing sector accounts for 75 per cent of the local real estate market. The kingdom, the world’s largest oil exporter, needs to invest SAR75bn every year to meet the demand for homes.
(SAR1 = AED0.98, at the time of publishing)