The value of real estate transactions in Saudi Arabia dropped 24 percent year-on-year (YOY) to SAR 29.6 billion in the month ending November 13, new figures from the kingdom’s justice ministry showed.
Residential deals declined 36 percent YOY to SAR 18.6 billion, while commercial transactions rose by eight percent to SAR 11 billion over the same period.
Deals involving land plots had the highest value of SAR 26.3 billion, accounting for 89 percent of total transactions. Agricultural land came second with transactions amounting to SAR 1.3 billion.
Riyadh saw the most activity during the month as residential deals worth SAR 6.2 billion were carried out, marking a YOY drop of 28 percent. The Saudi capital also dominated in terms of commercial deals which reached SAR 4.9 billion.
Meanwhile, the value of residential transactions in Jeddah fell 13 percent to SAR 3.7 billion. Commercial property deals in the city soared 74 percent YOY to SAR 2.95 billion.
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