Riyadh January 25 2024: Saudi Arabia’s real estate transactions value fell by 11% year-on-year to nearly SAR 193.45 billion in 2023, Ministry of Justice data showed.
The conclusion of 2023 saw the total count of real estate transactions reaching around 172,070, while the overall number of properties sold reached 177,500.
In 2010, the total value stood at 133.7 SAR billion, and over the subsequent years, there were fluctuations in the market. Notably, the real estate sector witnessed significant growth in 2013, reaching 401.7 SAR billion, marking a substantial increase of 70%. However, the market experienced a downturn in 2015, with a decrease of 22%, amounting to 344.8 SAR billion.
The years 2016 to 2018 continued this downward trend, recording negative changes in both value and percentage. In 2019, there was a positive upswing, with transactions amounting to 174.6 SAR billion, representing a 24% increase.
Despite a slight decrease in 2020, the market recovered in 2021 and 2022, with values of 201.6 SAR billion and 216.7 SAR billion, respectively. However, the most recent data for 2023 shows a decline of 11%, with real estate transactions totaling 193.5 SAR billion.
