The value of real estate transactions rose last August for the second consecutive month on a year-over-year basis; they increased by 24.6% to reach 20.19 billion riyals, the highest level since the beginning of this year, compared to 16.2 billion riyals in August 2022. The value of transactions also rose last July by more than 62% to 16.84 billion riyals, compared to 10.37 billion riyals in the same month last year.
Meanwhile, the value of real estate transactions in the Kingdom reached 124.64 billion riyals in the first eight months of this year, compared to 153.32 billion riyals during the same period in 2022.
According to data from the Ministry of Justice, April was the month with the lowest value of real estate transactions in the Kingdom from the beginning of this year through the end of last month, totaling 8.96 billion riyals, following a 47% year-over-year decline.
The data showed that residential sector transactions accounted for 49.85% of the total value of real estate transactions in Saudi Arabia during the first 8 months of 2023; totaling 62.13 billion riyals, with May recording the highest transaction value at 10 billion riyals.
The commercial sector accounted for 38.63% of the total value of real estate transactions in the Kingdom during the first 8 months of this year, amounting to 48.15 billion riyals, with August recording the highest transaction value at 9.63 billion riyals.
The value of transactions in the agricultural sector reached 13.77 billion riyals, and finally, the industrial sector recorded 581.15 million riyals.
Meanwhile, the number of real estate transactions in Saudi Arabia fell by 29.62% during the first 8 months of 2023 on a year-over-year basis, representing a decline of more than 48,800 transactions compared to the same period last year.
The first eight months of 2023 saw 116,000 real estate transactions in Saudi Arabia, compared to 164,830 transactions during the same period last year.
April recorded the lowest number of transactions at 8,840, while August saw the highest at 16,700.
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124.64 billion riyals in real estate transactions over 8 months
20.19 billion riyals in transactions in August (the highest of the year)
16.84 billion riyals in transactions in July
8.96 billion riyals in transactions in April (the lowest in 2023)
62.13 billion riyals in residential sector transactions
10 billion riyals in residential transactions in May
48.15 billion riyals in commercial sector transactions
13.77 billion riyals in agricultural sector transactions
