The value of real estate transactions that took place during the fourth quarter of the Hijri year 1437 reached about 48.3 billion riyals, down 27% from the same period of the previous year, which was about 66 billion riyals. This came in a recent report revealed by Basma Real Estate Company.
Riyadh takes over
According to a report by Basma Real Estate Company, the Riyadh region acquired 18.6 billion riyals, leading all regions of the Kingdom, in terms of the value of real estate transactions that took place during the fourth quarter of last year, but fell by 25% from the levels in the similar period of the previous year, which was 24.8 billion riyals. It was followed by the Makkah region with deals amounting to SAR 16.5 billion, the Eastern Province in third place with deals worth SAR 7.5 billion, and the Medina region in fourth place with SAR 1.6 billion.
According to the real estate company's report, real estate development and marketing activities and others in the Kingdom are linked to changes in the market from supply and demand levels, and perhaps one of the most important references to assess supply and demand in the residential and commercial sectors is what is provided by the competent authorities in the Kingdom.
According to the real estate company's report.
Real Estate Indicators
Basma said that the real estate indicators allow knowing the cities and regions for the most active in the real estate movement for the number of transactions, access to the cities that witnessed the largest trading of transaction areas, access to the neighborhoods that witnessed the largest trading of properties, as well as the neighborhoods with the highest price per square meter for apartments and villas in all regions in the Kingdom of Saudi Arabia.
Real Estate Indicators.
Real estate indicators provide detailed real estate sales prices that guide citizens and real estate investment entities in building their decisions, transactions, investments and real estate analysis, and provide professional tools for real estate appraisers and appraisers through which they can use methods of comparison with similar properties. Providing detailed information to the concerned authorities on following up inflation in the real estate sector or addressing stagnation in real estate activity, achieving transparency in providing economic information for real estate activity as is practiced in many developed countries, and eliminating rumors and information that is not based on an official and real source.She added that one of the most important indicators that real estate researchers rely on is the indicators of regular real estate transactions.
Real Estate Market Impacts
It is worth noting that several previous reports have recently indicated that there are several influences in the real estate market that have had a significant impact on the decline in real estate transactions during the past period, on top of which comes the recession that affected the real estate market in the past period and had a significant impact on the residential sector more, whether lands or ready-made housing units, and the reason for this, according to the reactions and opinions of some citizens directly or in the media and social media, is the desire for lower prices to coincide with their purchasing power, as well as waiting for the housing projects implemented by the Ministry of Housing, developed lands and loans implemented this year, as we mentioned at the beginning of the report, and these real estate reports indicated the desire of various other segments to obtain housing products and lands through private sector projects, especially since there is a large segment that will rely on the private sector in and will not rely on the Ministry of Housing projects directly, which puts the private sector in a great challenge in the future.
