RIYADH: Saudi Arabia’s residential property sales rose 17 percent month over month and 18 percent year over year in June, while the rental market also expanded, reflecting sustained demand, official data showed.
Residential sale transactions increased to 19,844 during the month, while non-residential sales climbed 10 percent from May and 21 percent from a year earlier to 2,130, according to the Real Estate General Authority’s monthly real estate market report.
The figures underscore continued momentum in Saudi Arabia’s property market as government initiatives aimed at raising homeownership, attracting private investment and improving market transparency support residential development. The Kingdom is targeting a 70 percent homeownership rate by 2030.
“At the level of real estate transaction values, the value of residential transactions reached about SR15.02 billion, with monthly growth of 6 percent and stability on an annual basis, while the value of non-residential transactions rose to about SR8.65 billion, with monthly growth of 2 percent and annual growth of 24 percent,” the report stated.
Despite stronger transaction volumes, average deal values declined across both residential and commercial property segments.
