Complex Made Simple

Saudi Arabia’s property deals fall to SAR24.1 billion

Land deals accounted for 91 per cent of the total value, followed by apartment deals

Real estate deals in Saudi Arabia amounted to SAR24.1 billion last week, down by 41 per cent compared with the same period last year, Ministry of Justice’s figures show.

According to Al-Riyadh newspaper, real estate deals are divided into residential and commercial, with residential deals’ value during the past month reaching SAR16.6bn, a decline of 38 per cent compared with the corresponding period of the previous year.

Meanwhile, the value of commercial deals amounted to approximately SAR7.5bn during the last month, and registered a decrease of 47 per cent, compared with the same period last year.

Land deals acquired the largest share, valued at SAR22bn and accounting for 91 per cent of the total value, followed by apartments deals valued at SAR811.8 million.

With regard to the most active cities in terms of the value of residential real estate deals over the past month, Riyadh ranked first with deals valued at SAR4.2bn, down by 43 per cent compared with the same month last year, followed by Jeddah at roughly SAR3.1bn, down by 39 per cent from the same month in 2014.

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