The Saudi real estate sector saw a significant jump in revenue over the past year, as real estate companies listed on the Saudi Stock Exchange “Tadawul” reported a year-over-year surge in their combined net profits of 258.3% in 2023, representing an increase of 2.15 billion riyals over the previous year’s profits.

Disclosures by real estate companies in their reports on “Tadawul” revealed that the real estate sector’s consolidated profits totaled 2.98 billion riyals in 2023, compared to profits of 830.65 million riyals in 2022.

Meanwhile, the combined sales/revenue of listed real estate companies reached 14.04 billion riyals in 2023, compared to 12.51 billion riyals in 2022.

Disclosures also showed that the real estate sector’s profits during the first nine months of 2023 rose by 152.99% year-over-year, amounting to 2.23 billion riyals, compared to 883.16 million riyals in the same period of the previous year.

And the Saudi real estate sector generated revenue of 9.95 billion riyals in the first nine months of 2023, compared to 9.04 billion riyals in the same period of the previous year, representing an increase of 9.99%.

Revenues for Saudi real estate companies listed on Tadawul’s main stock market also rose by 12.2% in 2023 on a year-over-year basis, representing an increase of 1.53 billion riyals compared to the previous year.