The value of real estate transactions in Saudi Arabia dropped 24 percent, or SAR 87.3 billion year-on-year (YoY) to SAR 281.2 billion for the twelve-month period from Oct. 14, 2015 to Sept. 3, 2016—extending the downtrend for the second year in a row—new figures from the kingdom’s justice ministry showed.
Residential deals were valued at SAR 170.1 billion for the period. Commercial transactions were valued at SAR 111.1 billion during the same time.
Land deals registered the highest value of SAR 250.2 billion of total transactions. Agricultural land showed SAR 11.8 billion worth of transactions.
In terms of activity, Riyadh topped with residential transactions worth SAR 93.7 billion. Jeddah came second with SAR 63.4 billion worth of residential transactions.