The value of real estate transactions in Saudi Arabia dropped 41 percent year-on-year (YOY) to SAR 24.1 billion in the 30-day period ending Dec. 12, new figures from the kingdom’s justice ministry showed.
Residential deals declined 38 percent YOY to SAR 16.6 billion, while commercial transactions saw a drop of 47 percent to SAR 7.5 billion over the same period.
Land deals registered the highest value of SAR 22 billion, accounting for 91 percent of total transactions. Apartments came second with SAR 811.8 million worth of transactions.
|
The value of real estate market transactions from Nov.13 to Dec. 12, 2015 (SAR bln) |
||||||
|
Commercial |
Residential |
Real Estate |
||||
|
Change |
2015 |
2014 |
Change |
2015 |
2014 |
|
|
(44%) |
7.26 |
12.95 |
(36%) |
14.72 |
23.02 |
Plot of land |
|
(50%) |
0.03 |
0.06 |
(20%) |
0.78 |
0.97 |
Apartment |
|
(50%) |
0.19 |
0.38 |
(43%) |
0.45 |
0.79 |
Agriculture land |
|
-- |
-- |
0.03 |
(24%) |
0.26 |
0.34 |
Villa |
|
-- |
-- |
0.02 |
(7%) |
0.14 |
0.15 |
Shop/Show room |
|
(98%) |
0.01 |
0.48 |
-- |
0.11 |
0.11 |
House |
|
(67%) |
0.02 |
0.06 |
(46%) |
0.07 |
0.13 |
Building |
|
-- |
-- |
0.09 |
(94%) |
0.07 |
1.21 |
Utilities |
|
(47%) |
7.52 |
14.09 |
(38%) |
16.61 |
26.73 |
Total |
In terms of activity, Riyadh came on top with residential deals worth SAR 4.2 billion during the same period, marking a YOY fall of 43 percent. The Saudi capital also dominated in terms of commercial deals which fell 43 percent to SAR three billion.
Meanwhile, Jeddah came second, seeing the value of residential transactions slide by 39 percent to SAR 3.1 billion. Commercial property deals in the city also fell by 40 percent YOY to SAR 1.74 billion.
|
The most active cities by value of transactions from Nov.13 to Dec. 12, 2015 (SAR bln) |
||||||
|
Commercial |
Residential |
City |
||||
|
Change |
2015 |
2014 |
Change |
2015 |
2014 |
|
|
(43%) |
2.99 |
5.25 |
(43%) |
4.22 |
7.37 |
Riyadh |
|
(40%) |
1.74 |
2.91 |
(39%) |
3.06 |
5.05 |
Jeddah |
|
(86%) |
0.28 |
2.05 |
(39%) |
3.10 |
5.06 |
Makkah |
|
(21%) |
0.81 |
1.03 |
(10%) |
1.14 |
1.26 |
Dammam |
|
(68%) |
0.25 |
0.79 |
(76%) |
0.53 |
2.21 |
Al Madinah |
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