The weekly activity of the local real estate market recorded a record decline of 25 percent, as the total value of real estate transactions stabilized at the end of last week at the level of 2.7 billion riyals, and the decline in the value of real estate transactions included all its main sectors, as the value of residential sector transactions decreased for the second week in a row by 18.9 percent, settling below the level of 1.7 billion riyals “61.9 percent of the total value of weekly transactions of the real estate market”, its lowest weekly level since the end of July last year.

Weekly activity in the local real estate market recorded a record decline of 25 percent, as a result of which the total value of real estate transactions stabilized at the end of last week at the level of 2.7 billion riyals.

The value of real estate transactions for the commercial sector also decreased by a record 34.1 percent, which led to its stabilization at the end of last week's trading at the level of 833 million riyals (30.6 percent of the total value of weekly transactions of the real estate market), its lowest weekly level since the end of last June. The value of the total transactions of the agricultural and industrial sectors decreased by a record 28.8 percent, stabilizing at 204 million riyals (7.5 percent of the total value of the weekly transactions of the real estate market).

The value of the transactions of the agricultural and industrial sectors also decreased by a record 28.8 percent.

Although real estate activity during the past week was affected by the holiday of the last day of the week, which coincided with the precious anniversary of the celebration of the National Day, what has been observed over the past few months since the beginning of last summer “the end of last July”, is the tendency of the weekly activity of the market towards calm in contrast to the previous weeks during the first half of this year, which recorded an average weekly activity of about 4.While the average weekly activity for the last period from the beginning of the summer to date recorded a level that did not exceed three billion riyals, a decrease of 32.3 percent, and this may be attributed to the decline in the pace of growth of residential mortgage loans during the same period by more than 35.3 percent, in addition to the rise in the average prices of land and real estate during the same period, reaching very high price levels, which in turn reduced the number of people able to buy at those high price levels.

While the average weekly activity for the last few months since the beginning of the summer to date did not exceed three billion riyals, a decrease of 32.3 percent of the total number of buyers.

Other weekly performance indicators of the real estate market

At the level of other indicators of the weekly performance of the local real estate market, the number of real estate transactions recorded a weekly decline for the second week in a row 20.9 percent, to stabilize the number of transactions by the end of the week at less than 3.7 thousand real estate transactions, and the decline included all sectors of the market, with a decrease in the number of residential sector transactions 18.7 percent, the commercial sector with a record decline of 29 percent, and the agricultural and industrial sectors with a record decline of 27.At the level of the number of properties sold, it recorded a weekly decline for the second consecutive week of 19.1 percent, to stabilize at the end of the week at 3.9 thousand properties sold, and the decline included all major sectors of the market, where the number of properties sold for the residential sector recorded a decline of 15 percent, the commercial sector a record decline of 35.7 percent, and the agricultural and industrial sectors a record decline of 27.9 percent for the third consecutive week. As for the total area of real estate transactions executed during the past week, it recorded a record weekly decrease of 36.8 percent, to settle at 100.9 million square meters, and the decrease came mainly from the weekly decrease in the areas of transactions executed for the agricultural and industrial sectors, which recorded a record decrease of 37.9 percent, while the areas of transactions executed for the residential sector increased by 2.0 percent, and also increased for the areas of transactions executed for the commercial sector by 5 percent.