Data from “Al-Borsa Real Estate” showed that the total value of real estate transactions in the Kingdom during April and May reached approximately 147.7 billion riyals, with May transactions totaling nearly 70.3 billion riyals—a decrease of 9.1% compared to April, when the value reached approximately 77.4 billion riyals.
According to the data, real estate transactions during the two months took various forms, including: gifts, direct transactions, waqf, financing, renovations, mortgages, and mortgage releases, reflecting the diversity of real estate activities in the Saudi market.
41.9 billion riyals in real estate mortgages in May
With regard to mortgage transactions, May saw a significant decline in value, reaching 41.9 billion riyals, compared to 57 billion riyals in April. Despite this decline in value, the same month saw a 37% increase in the number of real estate transactions compared to the previous month, indicating high activity in terms of volume despite the decline in value.
In terms of traded areas, there was a clear 31.3% decrease in May, indicating that transactions were smaller in terms of area compared to April.
58.1 thousand real estate transactions on the exchange
Data from from the Real Estate Exchange showed that the number of real estate transactions executed in May reached approximately 58.1 thousand, during which a total area of 565.1 million square meters was traded at an average price of 4,800 riyals per square meter. The number of properties traded reached 55,200.
Record High in Real Estate Mortgages
Riyadh recorded the highest price per square meter in mortgage transactions, reaching 1.5 million riyals in one development in the Al-Rimal neighborhood, while the total value of mortgages in May amounted to approximately 224 billion riyals, reflecting the presence of large-scale mortgage transactions in some areas.
In contrast, April saw 42,500 real estate transactions, covering a total area of 430.3 million square meters, at a relatively higher average price of 5,300 riyals per square meter, while the number of properties traded stood at 39,800.
The highest price per square meter recorded in April was approximately 759,400 riyals, while the total value of mortgages at that time was 187.1 billion riyals.
