Saudi Arabia recorded SR36 billion ($9.58 billion) value of transactions within the residential actual property sector within the second quarter of 2022, recording a 21.4 % improve over the identical interval final yr, the most recent market report by the worldwide actual property adviser CBRE revealed. Whereas the volumes of residential transactions fell by 19.9 % to over 44,000 offers within the second quarter when in comparison with final yr, the Kingdom noticed the general worth of translations improve because of a spike in residence costs.
The common residence costs, on a per sq. meter foundation, throughout the Kingdom have elevated by 6.2 % within the yr to the second quarter of 2022. This was led by Saudi metropolis Alkhobar which recorded a progress of 11.3 % in residence costs, adopted by Jeddah and Riyadh with a spike of 5 % and 4.2 %, respectively, in costs within the second quarter.
Nonetheless, except for Alkhobar, all main cities registered a pointy decline within the annual fee of worth progress within the second quarter of 2022, in comparison with the quarter earlier, revealed CBRE’s Saudi Arabia Actual Property Market Overview Q2 2022 report. Consistent with the nationwide development, all the key cities noticed a fall within the variety of residential transactions within the yr to the second quarter, with the Kingdom’s capital main the chart with over a 33 % fall in comparison with a yr earlier. Jeddah and Dammam adopted swimsuit with a drop of 6.2 % and three.4 % respectively.