Saudi Arabia’s real estate deals rise 19%

RIYADH: The value of real estate transactions in Saudi Arabia increased 19 per cent to approximately SR15.59 billion ($4.1 billion) in the period between August and September, compared with SR13.12 billion in the same period last year, Arab News reported citing figures issued by the Justice Ministry.

The number of real estate transactions recorded during the same period stood at around 20,900.

Commercial real estate deals rose 93 per cent to reach SR5.2 billion, compared with the same period last year.

Residential real estate deals represented 58.3 per cent of the total transactions, commercial deals (33.4 per cent), and agricultural and industrial deals stood at 8.3 per cent.

Riyadh witnessed the largest number of real estate deals worth SR6.88 billion; followed by Jeddah at SR2.21 billion.