Real Estate Index - Abdulrahman Al-Shahrani
The real estate market during the first ten months of 2022 recorded a remarkable progress in the value of transactions amounting to 190.7 billion riyals, an increase of 10.7% compared to the same period last year.
The real estate market during the first ten months of this year 2022 recorded a remarkable progress in the value of transactions amounting to 190.7 billion riyals.
The results were opposite for the number of real estate deals for the same period, which recorded a year-on-year decrease of 18.0%, recorded an annual decrease of 18.6% in sales volume for the same period, and recorded a record annual decrease of 63.0% in the total area of real estate transactions for the same period.
Real estate transactions for the same period, which recorded an annual decrease of 18.6%.
Residential Sector Index falls
Real estate transactions during last October recorded a slight decrease in the value of real estate transactions by 0.4% to reach SAR 18.3 billion, compared to its level during the same month last year, and reports attributed the change to the successive stagnation in the deals of the residential sector, which reached 27.2%, recording a level of SAR 8.2 billion, compared to its level recorded in the same month last year at 11.3 billion riyals.
Reports attributed the change to the successive recession in the deals of the residential sector, which decreased by 27.21 TP3T, recording a level of SAR 8.2 billion, compared to its level recorded in the same month of last year.
Commercial transactions rose
In contrast, the commercial sector index rose by a record 58.4% to record 8.6 billion riyals, following the completion of the largest commercial transaction this year, which took place during the penultimate week of last month in the city of Dammam, with a total value of about 2.9 billion riyals on a large land scheme with a total area of nearly 5.7 million square meters "an average price of 510 riyals per square meter.
Low residential mortgage financing
As for residential mortgage financing, reports revealed that during the third quarter of this year, it recorded an annual decline of 12.71% for the fifth consecutive quarter, and the volume of quarterly residential mortgage financing for individuals stabilized at below the level of 30.6 billion riyals, the lowest quarterly level since the first quarter of 2020. It also recorded an annualized decline in the total number of financing contracts 16.1% for the sixth consecutive quarter, falling below 39.0 thousand financing contracts, the lowest quarterly level since the fourth quarter of 2019.
The number of financing contracts fell for the sixth consecutive quarter, declining to below 39.0 thousand financing contracts, the lowest quarterly level since the fourth quarter of 2019.
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Real Estate Index through October 2022
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Residential
Deal value
18.3 billion riyals
Down
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Commercial sector
Deal value
8.6 billion riyals
Rise
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Agricultural and industrial sector
Deal value
1.4 billion riyals
Down
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Riyadh Region Real Estate Index - October 2022
Most Active Neighborhoods
Al-Khair neighborhood 187 transactions.
East Riyadh 146 deals.
Arida neighborhood 146 deals.
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Apartment Sales
Narges neighborhood 21 apartments
Leban neighborhood 15 apartments
Deira 11 apartments
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Deal Value
Housing: 2.763 billion riyals.
Commercial: 2.64 billion riyals.
Agricultural: 275.7 million riyals
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