The Ministry of Justice revealed in its latest data that the number of real estate transactions during the past year 2023 recorded about 177 thousand transactions, while the number of properties sold in the same year reached 182.6 thousand properties, with a total area of 891.6 thousand square meters.

The number of real estate transactions during the past year 2023 recorded about 177 thousand transactions, while the number of properties that were sold in the same year amounted to 182.6 thousand properties. According to Ministry of Justice data reported on its website, the value of real estate transactions that took place during the past year decreased by 11% to record about 197.7 billion riyals, compared to the same period in 2022.

July's most traded month

The number of real estate transactions that took place during 2023 decreased in 7 months, with April topping the list with a decrease of 47%, followed by February with a decrease of 40%. While the value of deals recorded an increase in 5 months, led by July with 65%.

Residential Property Leads

Residential real estate transactions accounted for 58.6% of the total transactions worth 113.45 billion riyals, followed by commercial transactions worth 73.68 billion riyals.

As for the area of real estate transactions during the past year, it decreased by 16% to 863.5 million square meters compared to 2022. The Ministry of Justice data also revealed that Riyadh will account for 44% of the total value of real estate transactions in 2023, followed by Jeddah with 35.08 billion riyals and 18% of the total value of transactions.

Data from the Ministry of Justice also revealed that the city of Riyadh accounted for 44% of the total value of transactions.