Data from The Real Estate Exchange showed that the residential real estate sector accounted for more than half of the real estate deals that took place in Saudi Arabia last year 2023.
The data also revealed that the residential sector recorded real estate deals worth 62.1 billion riyals, equivalent to 50.2% of the total value of deals witnessed in the Kingdom in 2023, followed by the commercial sector with deals estimated at 30.6 billion riyals (24.5% of the total value of deals), while the industrial sector came next with deals worth 21.9 billion riyals (17.3% of the total value of deals).
The data also revealed that the residential sector accounted for more than half of the real estate deals that took place in Saudi Arabia in 2023.
Real estate deals decline in 2023
In the same context, the indicators of the real estate exchange revealed that the number of deals at the level of the Kingdom in 2023. It recorded a decline of 17.8% compared to 2022. The value of deals also declined by 5.3%, reaching 337.9 billion riyals.
The value of deals also declined by 5.3%, amounting to 337.9 billion riyals.
These declines represent a continuation of the downward trend witnessed by the Saudi real estate market since 2021. The value of transactions decreased by 12.1% in that year.
10.5 billion riyals real estate deals in Medina
Data from the real estate bourse also showed that Medina recorded real estate deals worth 10.5 billion riyals representing 19.4 real estate deals during the past year 2023.
Data also revealed that Medina recorded real estate deals worth 10.5 billion riyals representing 19.4 real estate deals during the past year 2023. The data also revealed that the average price per meter for real estate in Medina is about 1.1 thousand riyals, while the highest price per meter reached about 370.3 thousand riyals, while the number of traded properties reached about 16.1 thousand properties.
<The value of the transactions recorded in Medina during the past year. It recorded a decrease of 10.4% compared to 2022. The number of deals in 2023 decreased by 24.3% compared to its numbers during 2022, which amounted to 25.7 thousand real estate deals.
The Real Estate Exchange was launched in Saudi Arabia in 2023. It was officially inaugurated in Riyadh. The exchange aims to be a leading platform for real estate trading in the Kingdom and the region.
The Real Estate Exchange is a regulated market for real estate trading as well as real estate transactions, where shares in real estate assets are bought and sold. Such as land, apartments, villas, residential complexes, offices, hotels, etc. It also seeks to be an effective tool to promote the growth of the real estate market in Saudi Arabia and the region.
