Data released by the Saudi Ministry of Justice revealed that the value of real estate transactions that took place during 2015 amounted to SAR366.7 billion.
The value of real estate transactions decreased during 2015 by 16 per cent compared to 2014, according to Ministry of Justice data, Saudi based newspaper Al Yaum reports.
All the months last year witnessed a decline in the value of real estate transactions compared with the previous year, with the exception of February and July, when the value rose by six per cent and 17 per cent respectively.
A statistic issued by the Ministry of Justice points out that real estate transactions were distributed during 2015 between housing with SAR243.4bn and commercial with SAR123.4bn.
The most active cities in terms of real estate transactions during 2015 were Riyadh with the highest transactions worth SAR111.8bn, followed by Jeddah with roughly SAR82.2bn, then Mecca with SAR42.9bn, then Al Dammam with SAR25.8bn transactions.
It is worth mentioning that real estate market volume in the Kingdom exceeds SAR1.3 trillion currently and is considered the biggest real estate market in the Middle East. It is expected that the market’s value will hit SAR1.5trn during the coming few years, especially with high demand by consumers and investors who are looking for a profitable market with high levels of capital growth.
(SAR1 = AED 0.98, at the time of publishing)