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Three Factors Contributed to Saudi Real Estate Market s Solidity in 2023

The Saudi real estate market recorded deals with a total value of about SAR 277 billion ($74 billion), compared to SAR 223.5 billion in 2022. Market statistics also showed that the size of the transaction area was about one billion square meters for both the years 2023 and 2022, while the number of real estate transactions declined by 20 percent from 325,000 to 260,000, along with a significant decrease in real estate deals in neighborhoods outside and on the outskirts of cities, specifically in the city of Riyadh.

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