28,000 Real Estate Transactions in 9 Months
The Eastern Province of Saudi Arabia has witnessed significant activity in the real estate sector, with the volume of real estate transactions reaching 28,000, valued at SR 36 billion (approximately $9.6 billion) by the end of the third quarter as real estate is growing.
According to Abdullah Saud Al-Hammad, the CEO of the Real Estate General Authority, 45 percent of these transactions involved commercial real estate properties, while 39 percent were residential properties. The real estate sector’s contribution to the Kingdom’s overall gross domestic product (GDP) reached 6.1 percent during this period, and it accounted for 12.7 percent of the non-oil GDP. Diversifying the economy beyond oil is a key priority for Saudi Arabia, and the real estate sector plays a significant role in achieving this goal.
