Partial activity of the real estate market in Saudi Arabia, despite the decline in the residential sector by 14.9%
The local real estate market in Saudi Arabia regained part of its activity during the past week, to record an increase of 14.8%, compared to its record decline during the previous week. As a result, it settled at a level below 3.4 billion riyals, driven by the implementation of a commercial real estate sale deal in the city of Riyadh in King Abdullah District, with a total value of 420 million riyals, contributed in turn to an increase in the value of commercial sector deals by a record rate of 98.6%, after two consecutive weeks of decline by 64.1%.
The value of the sector’s deals stabilized at 1.3 billion riyals, compared to the continued decline in the value of deals in the residential sector for the second week in a row by 14.9%, and its stability at the end of last week at the level of 1.6 billion riyals.
The implementation of a commercial real estate sale deal in the King Abdullah neighborhood in the city of Riyadh, at a value of 420 million riyals, contributed to improving real estate activity during the past week, and that deal prompted growth at a weekly rate of 14.8%, as a result of which the total value of weekly transactions in the market settled at Below the level of 3.4 billion riyals, the commercial sector, thanks to that trade deal, rushed towards the growth zone after two consecutive weeks of decline, according to Al-Eqtisadiah newspaper.
The value of deals recorded a record weekly growth of 98.6%, which settled at the end of last week at 1.3 billion riyals, “39.9% of the total value of weekly deals in the real estate market.” The value of the sale of commercial real estate in the city of Riyadh amounted to “420 million.” SR “about 31.2% of the total value of weekly deals for the commercial sector, while the deal itself constituted about 12.5% of the total value of real estate market deals.
On the other hand, the value of deals in the residential sector continued to decline for the second week in a row, and recorded a weekly decline of 14.9%, which stabilized at the level of 1.6 billion riyals, or 47.8% of the total value of weekly deals in the real estate market.
The total value of deals in the agricultural and industrial sectors recorded its first weekly rise after three consecutive weeks of decline, and managed to grow during the past week by 13%. The value of weekly deals in the real estate market.
As for the weekly performance level for the rest of the other indicators of the local real estate market, the number of real estate transactions recorded a weekly increase of 6.6%, stable at the end of the week at the level of 3.4 thousand deals, and the number of real estate sold increased by 7.65%, and the weekly sales volume of the market stabilized at a lower level. From 3.5 thousand real estate sold, while the total area of real estate transactions executed during the week recorded a slight decrease, which did not exceed 0.5%, and the total area settled at 13.7 million square meters.
