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  • 10-11-21

    Property value in Saudi increase by 1.9 percent in first quarter of Hijri year

    (MENAFN) The value of property contracts within the first quarter of the Hijri year 1443, increased by 1.9 percent over the same time span before the pandemic in 1441.

    Based on Ministry of Justice data, the overall worth of property dealings reached SR48.2 billion (about USD 12.8) in the time period ending on Nov. 5, in comparison to SR43.2 billion (about USD 11.5) and SR47.3 billion (about USD 12.6) in the first three months of 1442 and 1441, separately.

    Development in 1443 was pushed mostly by the commercial industry which increased by about 80 percent to SR15.2 billion (about USD 4.05), in comparison to the same time span in 1441, along with four-fold increase in agricultural property dealings, which hit SR4.1 (about USD 1.09) billion in 1443.

    The housing industry was worth SR29 (about USD 7.73) billion, 23 percent less than 1441, but parallel to 1442. Commercial real estate space increased by 300 percent to 48.5 million sq m in 1443, compared to two years ago.

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