Riyadh, Saudi Arabia — The value of Saudi Arabia’s real estate transactions fell year-on-year by 11 percent to nearly SAR 193.45 billion ($51.58 billion) in 2023, Ministry of Justice data showed.
The number of real estate transactions reached around 172,070 by the end of 2023, while the total number of sold property reached 177,500.
Real estate transactions decreased in seven months, with April seeing the sharpest decline at 47 percent followed by February at 40 percent, Argaam reported, citing the Ministry’s data.
Meanwhile, transactions value increased in the remaining five months, led by July at 65 percent.
Residential property transactions accounted for 58.6 percent, or SAR 113.45 billion, of total real estate deals during 2023, followed by commercial deals valued at SAR 73.68 billion, Argaam reported.
Total area of sold real estate slumped 16 percent YoY in 2023 to 863.5 million square meters (sqm).Â
Riyadh dominated 44 percent of the total value of real estate transactions, while Jeddah took the second place at 18 percent with transactions worth SAR 35.08 billion in 2023.
