{"id":57976,"date":"2023-07-24T14:12:52","date_gmt":"2023-07-24T11:12:52","guid":{"rendered":"https:\/\/amlak.net.sa\/?p=57976"},"modified":"2023-07-24T14:12:52","modified_gmt":"2023-07-24T11:12:52","slug":"%d8%a7%d9%84%d8%aa%d8%a8%d8%a7%d8%af%d9%84%d8%a7%d8%aa-%d8%a7%d9%84%d8%b9%d9%82%d8%a7%d8%b1%d9%8a%d8%a9","status":"publish","type":"post","link":"https:\/\/amlak.net.sa\/en\/57976\/","title":{"rendered":"Government report: Real estate transactions in the residential sector are affected by interest rates and prices"},"content":{"rendered":"

A report issued by the Ministry of Economy and Planning revealed that it is likely that Real Estate Exchanges<\/span> Real estate prices in the Kingdom are expected to decline in the coming period, as demand for real estate is affected, particularly Residential sector<\/a><\/strong><\/span> As interest rates rise.<\/p>\n

The report, issued by the leading Saudi Economic Indicators<\/a><\/strong><\/span> In the first quarter of 2023, this slowdown may also be due to the residential sector\u2019s weight in the real estate index and its role as the main driver of demand in previous quarters.<\/p>\n

The report noted that the real estate market\u2014and specifically real estate prices\u2014was affected by the acceleration in the granting of mortgages to individuals and by government policies aimed at promoting homeownership, which supported the rise in prices.<\/p>\n

Rising real estate prices<\/span><\/h4>\n

A report by the Ministry of Economy and Planning indicated that, although the real estate price index rose year-over-year in the first quarter of 2023, it declined quarter-over-quarter following a series of quarterly increases.<\/p>\n

The report highlighted the impact of rising interest rates on curbing demand for real estate, particularly residential properties, as evidenced by the decline in the number and value of residential real estate transactions.<\/p>\n

The report noted that the overall real estate price index rose by 1% in the first quarter of 2023 on a year-over-year basis, compared to the previous quarter, which saw an increase of 1.6%; which may indicate a slowdown and decline in real estate transactions.<\/p>\n

The report attributed this increase to growth in the residential sector of 1.6%, a modest rise in commercial real estate prices of 0.1%, and a decline in agricultural real estate of approximately 0.4%, while the quarterly change in the index saw a relatively modest decline of 0.1%, following five consecutive quarters of increases; this was due to a 0.2% decline in the residential sector.<\/p>","protected":false},"excerpt":{"rendered":"

Reading time: <\/span> < 1<\/span> Minute<\/span><\/span>A report issued by the Ministry of Economy and Planning revealed that real estate transactions and property prices in the Kingdom are likely to slow down in the coming period, as demand for real estate\u2014particularly in the residential sector\u2014is affected by rising interest rates. The report, which highlights key indicators of the Saudi economy in the first quarter of 2023, explained that this slowdown may also be due to \u2026 Read 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