Arab News, Wed, Nov 01, 2023 | Rabi Al-Aakhir 17, 1445
Eastern Province records 28,000 real estate transactions in 9 months
Saudi Arabia:
The volume of real estate transactions in the Kingdom’s Eastern Province
reached 28,000 worth SR36 billion ($9.6 billion) by the end of the third
quarter, said a top official.
Abdullah Saud Al-Hammad, CEO of the Real Estate
General Authority, noted that 45 percent of these transactions involved
commercial real estate properties. In comparison, 39 percent were residential
properties, the Saudi Press Agency reported.
Al-Hammad said the contribution of real estate
activities to the Kingdom’s overall gross domestic product reached 6.1 percent
by the end of the third quarter.
On the other hand, the contribution of the real
estate sector to the non-oil GDP of the Kingdom stood at 12.7 percent during the
same period.
Developing the property sector is crucial for
Saudi Arabia, as it is steadily diversifying its economy away from oil.
Earlier this month, a report released by the
General Authority for Statistics revealed that Saudi Arabia’s real estate price
index rose by 0.7 percent in the third quarter compared to the year-ago period,
fueled by an increase in residential estate values.
In August, Saudi Arabia unveiled a real estate
market initiative to streamline the sector.