Saudi real estate deals hit 2-year high

The value of real estate transactions in Saudi Arabia surged 99 percent year-on-year (YoY) to SAR 34.3 billion in the month ending Jan. 17 (Rabi Al-Al-Thani), new figures from the Kingdom’s justice ministry showed.

This value was the highest in two years, when it hit nearly SAR 36.4 billion.

Since Sept. 21 - which marks the Hijri year beginning - the total value of property deals jumped 18 percent YoY, or SAR 13.6 billion, to SAR 90.3 billion.

In the one-month period, the value was driven by residential deals, which climbed 65 percent YoY to SAR 18.6 billion.

Commercial transactions more than doubled YoY to SAR 15.8 billion compared to the same period last year.

Residential and commercial land deals dominated, with SAR 30 billion worth of deals accounting for 87 percent of total real estate transactions. Apartments came second, amounting to SAR 1.55 billion.

The capital city of Riyadh saw the most residential real estate transactions, amounting to SAR 5.02 billion— a rise of 57 percent YoY for the same month.

Jeddah came second with SAR 2.92 billion worth of deals, a 55 percent increase YoY.

Meanwhile, Riyadh was also the most active by commercial deals, which more than doubled YoY to SAR 8.67 billion.