Riyadh, Saudi Arabia — The value of Saudi Arabia’s real estate transactions declined 16 percent year-on-year (YoY), or SAR 36.2 billion, to nearly SAR 184.42 billion ($49.15 billion) in 2022.
The Ministry of Justice said that this is the first decline in the value of real estate transactions in the past four years, according to Argaam.
The number of real estate transactions in amounted to around 175,900. Meanwhile, the number of properties sold during the same year reached 182,000.
Real estate transactions on land plots accounted for 85.4 percent of total deals, followed by transactions on apartments with 10.2 percent, Argaam reported.
Land space fell 57 percent YoY to 1.26 billion square meters (sqm), compared to a year earlier.
Riyadh witnessed the largest number of real estate deals at SAR 73.81 billion. It was followed by Jeddah with SAR 26.91 billion worth of deals.