General Real Estate Authority: Residential real estate sales increased by 18% during June
General Real Estate Authority Residential real estate sales in Saudi Arabia increased by 17% on a monthly basis, and by 18% on an annual basis during the month of June, while the rental market witnessed remarkable growth, which reflects the strong demand for real estate in the Kingdom.
The number of residential real estate sales transactions reached 19,844 transactions during the month, while non-residential real estate sales increased by 10% compared to May and 21% compared to last year, reaching 2,130 transactions, according to For the monthly real estate market report issued by the General Real Estate Authority.
These numbers confirm the continued momentum of the real estate market in Saudi Arabia, supported by government initiatives aimed at increasing home ownership and attracting Private investments, and enhancing market transparency, which in turn supports the development of the residential sector.
The report stated: "At the level of the value of real estate transactions, the value of residential transactions amounted to about 15.02 billion riyals, with a monthly growth of 6% and annual stability, while the value of non-residential transactions increased to about 8.65 billion riyals, with a monthly growth of 2% and an annual growth of 24%."
Residential real estate sales increased on a monthly basis.
The total amounted to Apartment Sales 4,499 apartments, an increase of 16% from May, but a decrease of 1% from the previous year. Villa sales amounted to 1,793 villas, an increase of 13% on a monthly basis and 37% on a yearly basis.
The value of residential land transactions amounted to about 7.29 billion riyals ($1.94 billion), a decrease of 2% on a monthly basis, but an increase of 4% on a yearly basis.
As the rental market witnessed growth in the month of June, residential rental contracts rose to 261,363 contracts, an increase It was 10% for the month of May and 42% on an annual basis.
A decrease in the average value of transactions
Real Estate Authority data indicated a decrease in the average value of transactions despite the increase in transaction activity, as the average value of transactions for the sale of residential units declined to 706,282 riyals, a decrease of 1% per month and 7% annually. The average value of non-residential real estate transactions decreased to 1.89 million riyals, a decrease of 11% from May and 19% from the previous year.
Within residential real estate sales, land accounted for the largest number of transactions, rising to 11,175 transactions, an increase of 15% per month and 16% annually.
Non-residential real estate lease contracts also increased to 68,995 contracts, an increase of 13% per month and 75% per year. The number of residential rental transactions reached 291,401 transactions, while the number of non-residential real estate rental transactions reached 97,959 transactions.
On the other hand, the values of rental transactions showed varying annual trends, as the value of residential rental transactions reached 2.86 billion riyals, an increase of 4% over the month of May, but a decrease of 22% on an annual basis. The value of non-residential rental transactions rose to 5.97 billion riyals, an increase of 28% on a monthly basis and 150% on an annual basis.
Riyadh leads activity
The Riyadh region recorded the highest sales activity in the Kingdom, reaching 5,437 transactions, equivalent to 24.74% of the total transactions, with a total value of 8.04 billion riyals, representing 33.97% of the total sales nationwide. Saudi Arabia.
The region also topped the rental market, recording 127,804 rental transactions worth 3.79 billion riyals.
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