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Decline in Transaction Volume and Value in Saudi Arabian Residential Real Estate Market!
Nov 29, 2023
Decline in Transaction Volume and Value in Saudi Arabian Residential Real Estate Market! Riyadh
By   Internet
  • City News
  • Saudi Arabian homes
  • property transactions
  • house prices fall
Abstract: According to CBRE's analysis, the residential real estate market in Saudi Arabia has experienced a dual decline in transaction volume and value over the past year, with significant impacts, especially in the Jeddah region, where both villa and apartment prices have shown a downward trend.

As of the third quarter of 2023, the total number of residential transactions in Saudi Arabia was 61,473, with a total value of 459 billion Riyals. Compared to the same period last year, the total transaction volume decreased by 7%, and the total transaction value decreased by 11.3%.


At the same time, the total number of mortgage contracts also decreased by 37.5%, with a total value decline of 38.3%, amounting to only 18.4 billion Riyals. Among these, residential mortgages accounted for the highest proportion at 69.8%, followed by apartments and land at 24.8% and 5.4%, respectively.

Decline in Transaction Volume and Value in Saudi Arabian Residential Real Estate Market!

In the apartment market, as of September 2023, the average price in the Riyadh region increased to 4,780 Riyals per square meter, a year-on-year growth of 16.1%. The average price of apartments in the Khobar region increased by 2.9%, reaching 3,424 Riyals per square meter.


Meanwhile, in the Dammam region, the average price of apartments increased by 2.4%, reaching 2,862 Riyals per square meter. However, the Jeddah region's apartment market witnessed a decline in prices, with an average decrease of 9.5%, reaching 3,872 Riyals per square meter.


In the villa market, the average prices continued to rise in Riyadh, Dammam, and Khobar regions. The average price of villas in Riyadh increased by 1.2% year-on-year, reaching 5,615 Riyals per square meter.


The average prices of villas in the Dammam and Khobar regions increased by 1.8% (3,565 Riyals per square meter) and 3.2% (3,612 Riyals per square meter), respectively. However, villa prices in the Jeddah region declined by 3%, with an average price of 5,411 Riyals per square meter.

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Decline in Transaction Volume and Value in Saudi Arabian Residential Real Estate Market!
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