The real estate market in Saudi Arabia concluded its activities during the first eight months of the current year, with a decline in the total value of its transactions by 18.7%, Invest-Gate reports.

Reaching approximately SAR 124.6 bn, compared to the total value of transactions during the same period last year, which amounted to SAR 153.3 bn.

The market was affected by a significant decrease in the total value of residential sector transactions during the period, by 32% or around SAR 62.1 bn, compared to the total value of sector transactions during the same period last year, which amounted to SAR 91.4 bn.

The total value of commercial sector transactions also decreased during the period by 3.9%, reaching SAR 44.9 bn, compared to the total value of sector transactions during the same period last year, which amounted to SAR 48.2 bn.

The indicators highlight the recession phase the real estate market has experienced throughout the past period, as shown by other main performance indicators related to the volume of executed transactions and real estate sales.

The volume of real estate transactions implemented during the first eight months of the current year decreased by 29.6%, with about 116,000 transactions, compared to the volume during the same period last year, which reached 164,800 transactions.