With a total value of 1.2 billion riyals, eight residential and commercial schemes were sold in Makkah, Riyadh and Khobar, with a total value of 1.2 billion riyals, accounting for about 24.3 percent of the total value of real estate transactions during the week, which made real estate transactions rise by 57.4 percent, and stabilized at 4.98 billion riyals, compared to their decline during last week by 19.1 percent, and the week before by 47.3 percent.
Real estate transactions rose by 57.4 percent, to reach 4.98 billion riyals.
Weekly average transactions 4.4 billion riyals
<Although the real estate market liquidity levels improved during the past week, they are still moving at much lower levels than they were about two years ago, as revealed by comparing the weekly average performance of the real estate market during the current period with the weekly averages of previous years. It showed that the market liquidity levels continue to move below their lowest weekly rates over the past six years, and that the weekly average value of its transactions since the beginning of this year until the end of last week stabilized at the level of 4.4 billion riyals, which is the lowest level of last year's weekly average by 16.9 percent (the weekly average value of 2016 transactions was higher than 5.3 billion riyals), and also lower by 36.4 percent and about 49.8 percent compared to 2015 and 2014, respectively (the weekly average value of 2015 transactions was about 7.0 billion riyals, and the same average for 2014 was about 8.8 billion riyals).The weekly average value of transactions for the past six years has risen to 4.4 billion riyals.
Rising value of land deals The rise in the total value of real estate transactions during the past week is attributed to the rise in the value of land transactions, which has the largest relative weight among those types by 70.3 percent, which accounted for about 93.0 percent of the total value of real estate transactions, concentrated in the sale of eight residential and commercial schemes, in Mecca, Riyadh and Khobar, with a total value of SAR 1.2 billion, which accounted for about 24.3 percent of the total value of real estate transactions during the week. The value of land transactions is the largest relative weight among those types by 70.3 percent.
Residential sector boomed by 37.4% The rise in the value of real estate transactions included both the residential and commercial sectors, where the total value of residential sector transactions increased by 37.4 percent, compared to its decline during the previous week by 19.3 percent, to stabilize the value of residential transactions by the end of the week at the level of 3.0 billion riyals. The residential sector benefited from the sale of six residential schemes in Makkah, Riyadh and Khobar, with a total value of SAR 742.1 million, accounting for 24.3% of the total value of real estate transactions for the residential sector, distributed in Makkah with four residential schemes worth SAR 493.3 million, then the city of Khobar with one residential scheme worth SAR 145 million, then Riyadh with one residential scheme worth SAR 103.8 million. The value of residential transactions in the residential sector stabilized at the end of the week at 3.0 billion riyals.
Commercial rises by 104.5% The total value of commercial sector transactions increased by 104.5 percent, compared to the previous week's decline of 18.6 percent, to stabilize the value of commercial transactions at the end of the week at the level of 1.9 billion riyals. The commercial sector benefited from the sale of two commercial schemes in Khobar and Riyadh, with a total value of 467.0 million riyals, which accounted for about 24.2 percent of the total value of real estate transactions for the commercial sector, distributed in Khobar with one commercial scheme worth 377.0 million riyals, then Riyadh with one commercial scheme worth 90.0 million riyals. The number of commercial transactions increased by 104.5 percent, compared to the previous week's decline of 18.6 percent.
Number of real estate transactions 4699 The number of properties sold during the week increased by 3.8 percent, stabilizing at 4,920 properties sold, compared to the previous week's increase of 0.6 percent.
Average prices fell The average price of residential apartments increased by 2.0 percent “the average price of the period 549 thousand riyals per apartment”.
