Complex Made Simple

Real estate activity in Saudi Arabia falls by 24 per cent

Land deals accounted for 89 per cent of the total at SAR26.3bn

The value of real estate deals declined since mid of October 2015 until the middle of the current month by 24 per cent to SAR29.6 billon compared with the same period last year, recent data shows.

According to data issued by the Saudi Ministry of Justice, real estate deals divided between residential and commercial, witnessed a fall in residential deals by 36 per cent to reach SAR18.6bn, while commercial deals rose by 8 per cent to SAR11bn.

Real estate land deals accounted for 89 per cent of the total at SAR26.3bn, reports Al Riyadh Newspaper.

Riyadh was the most active city in terms of residential real estate deals with a value of SAR 6.2bn, down by 28 per cent YoY, followed by Jeddah with SAR3.7bn, down by 13 per cent.

In terms of commercial deals, Riyadh came in first place with SAR4.9bn and a rise of 18 per cent.

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